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long term capital gain

Sam Raj (11 Points)

25 February 2018

mr X was purchased the land in 1988.it was gifted to his son y on 2012..now he is willing to sell the land...what should be the purchase price??

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14 Replies

Gaurav Dodiya (student) (16 Points)
Replied 25 February 2018

as per my view price will be taken of Mr X as he gifted the property without adequate consideration further for capital gain calculation in assessment year 17-18 indexation value will be considered from Year 2000

Sam Raj (11 Points)
Replied 25 February 2018

he was purchased 1988 for rs7000..in 2000 guidelines value 3.8 lakhs..market value around 11 lakhs...what is the value taken for consideration??

Sam Raj (11 Points)
Replied 25 February 2018

he was purchased 1988 for rs7000..in 2000 guidelines value 3.8 lakhs..market value around 11 lakhs...what is the value taken for consideration??

CA Darshit Shah (76 Points)
Replied 25 February 2018

Since land was purchased before 01.04.2001; fair market value as on 01.04.2001 shall be taken as cost of acquisition for calculating capital gain for A. Y. 2018 -19.

CA Darshit Shah (76 Points)
Replied 25 February 2018

Since land was purchased before 01.04.2001; fair market value as on 01.04.2001 shall be taken as cost of acquisition for calculating capital gain for A. Y. 2018 - 19

CA Darshit Shah (76 Points)
Replied 25 February 2018

Since land was purchased before 01.04.2001; fair market value as on 01.04.2001 shall be taken as cost of acquisition for calculating capital gain for A. Y. 2018 - 19.

CA Darshit Shah (76 Points)
Replied 25 February 2018

Since land was purchased before 01.04.2001; fair market value as on 01.04.2001 shall be taken as cost of acquisition for calculating capital gain for A. Y. 2018 - 19.

Sam Raj (11 Points)
Replied 25 February 2018

thank you sir...in 2001 Government Guide line value for I cent Rs.10000..but market value RS.50000..if we put market value purchase price going over sale price..so we confuse..it is acceptable or not