MY FATHER PURCHASED A LAND PROPERTY IN 1972 FOR RS. 5000/-. HE GIFTED IT TO MY MOTHER IN 2012. AT THE TIME OF GIFT REGISTRATION THE FAIR MARKET VALUE OR THE STAMP DUTY VALUE WAS ASSESSED AT RS. 95000/- BY THE REGISTRING AUTHORITY.
NOW MY MOTHER SOLD THIS PROPERTY IN 2015. HOW TO CALCULATE THE INDEXED COST OF ACQUISITION, AS THE PROPERY WAS ACQUIRED BEFORE 1981 OR 2001 AS PER THE RECENT AMENDMENTS?
CAN WE CONSIDER THE SDV OF RS. 95000/- TAKEN IN 2012 AT THE TIME OF GIFT REGISTRATION FOR CALCULATING INDEXED COST OF ACQUISION IN THE FOLLOWING MANNER -
(95000 / 200) * 254 AS THE COST INDEX FOR 2012-2013 IS 200 AND FOR 2015-2016 IS 254 AS PER LATEST AMENDMENTS.
KINDLY GIVE VALUABLE ADVICE AS I HAVE BEEN SERVED NOTICE BY IT DEPT FOR CALCULATIO OF LTCG AS PER SDV U/S 50C
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