Dear Experts,
We are 4 brothers. Recently in the financial year 2017 we sold an ancestral property.
Following are the details
Agreement value in 1992 ₹400000/-
Agrement value in 2017 ₹ 3900000/-
Market Value in 2001 ₹925000/-
This property was bought in 1992 & sold in 2017.
Please advise how much capital gain tax each brother has to pay individually.
Thank you.
No LTCG tax liability to anyone, if around Rs. 14 lakhs invested totally in Sec. 54EC bonds, within 6 months of transfer of asset..... (individually around 3.50 L)
Not true. Ask him to calculate LTCG by indexation of FMV as on 01.04.2001.
Rectify the COA based on FMV as on 01.04.2001
Sale of Immovable Porperty ₹3900000/4= ₹975000 @
Less: purchase of Immovable Property 925000*272/100*4 = ₹629000/-
Long term capital gain is equal to ₹346000/-
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