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Long term capial gains on immovable property

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ANIL KUMAR KHETAN

PROPRIETOR

552 Points Posted on 21 January 2023

1. Immovable property purchase by mother fy 1963-64. 2. Mother died in fy 2013-14. 3. Property acquired by four son as a successor with equal share. 4. Four son want to sales of immovable property during the year.5. Please gudie me calculation of long term captial gains and base year purpose of index cost of acquisition . Urgent reply required

Replies (6)

Quick Summary

This discussion addresses the calculation of long-term capital gains tax for immovable property inherited from a mother. The property was acquired in 1963-64 and inherited by four sons in 2013-14. The sons now wish to sell the property and require guidance on calculating capital gains, specifically concerning the indexation base year and the fair market value (FMV) or stamp duty value (SDV) as of 2001-02.

Prashant Daga

194 Points Posted on 21 January 2023

For the purpose of indexation base Yr 2001-02... I.e formula is fmv of property as on 2001-02*index Yr of transfer /100...fmv should not exceed the sdv of property