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Long term capital gains tax
Purchased property in the year 1966 for Rs. 1,00,000 by mother. In 2006 mother passed away and got the property through will by her daughter in law and grand daughter. Property is sold in October 2017 for Rs. 50,00,000. Now for consideration of cost of acquisition which value do we need to consider. Please advise.
Replies (2)
Fair Market Value as on 01.04.2001....... to be obtained from approved valuer....
First arrive at the FMV as on 01-04-2001 and consider that value as purchase cost and calculate indexation from 2001 till Oct 2017 based on the new Cost of Indexation values. This will be your Indexed cost of acquisition.
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