Sub: Long Term Capital Gains
A three storied building stands in a 750sq.yd plot. The ground floor was inherited by me thru WILL. The first floor was inherited by my brother again thru WILL in 1997. The second floor was inherited by my sister again thru WILL 1994.
All three of us have together made a Development Agreement and the 3 storied structure was demolished. In its place a 5 storied apartment complex has come up in 2011. My brother, me & my sister have each got one floor, that is two apartments. The builder has got two floors that is 4 apartments.
Now, if I decide to sell one apartment, what shoul I take as the PURCHASE / ACQUIRED cost since I got it thru WILL ?
The selling price today (Market Price) is 34 lakhs.
What is the way to account for Cost Price in the LONG TERM CAPITAL GAINS process in my case ?
C. Prem Kumar
CAclubindia
