Capital Gain on part sale of Ancestral Property

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  1. PACKIRISAMY

    PACKIRISAMY New Member

    Sir/Madam,
    I am 68years old, the one-third legal share owner of my late father's property( ie Residential house).having 1752sq.ft., in which we have sold 1228sq.ft.
    Date of purchase of the property 02/03/1949
    Value of purchase Rs. 2500/
    Improvements done NIL
    Date of sale 11/03/2016
    Value of sale Rs.17,10,000
    (My share in sale value1710000/3=570000)
    Please clarrify the tax liability and how to get exemption .
    thanking You.
    S.Packirisamy
     
  2. Piyush Chawla

    Piyush Chawla Active Member

    You would be required to estimate the market value of the property as on 1-4-81. Indexation factor would be applied on this no. to arrive at the capital gains.
     
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