Save Rs 499 on a 2-Year Ad-Free CAclubindia Pro Membership. Subscribe Now!

Llong term capital gain on house property

194 views

Save Share

pawan shaw

22 Points Posted on 09 May 2021

A single house purchased by sister on 1989 Rs.5 lacs. After demise of sister on 2015 she made will before demise , for her brother's. FMV of property on 2015 is 30 lacs. Brother's sold the above property on 2019 Rs. 40 lacs. Legal exps and other exps paid by brother Ra.7lacs. Two brothers have the LTCG ..get 20 lacs each by two cheques... Please cost
of inflation indexation calculate an
d the how can LTCG assess

Replies (3)

Quick Summary

This discussion explores the calculation of long-term capital gains (LTCG) tax on a house property inherited via a will. The property was purchased in 1989, with its fair market value (FMV) assessed at Rs. 30 lacs in 2015 when it was inherited. It was later sold in 2019 for Rs. 40 lacs, incurring Rs. 7 lacs in expenses. The conversation focuses on how to apply cost inflation indexation, potentially from 2001, to accurately determine the taxable LTCG for the beneficiaries.