Capital Gains from Sale of Jointly Developed Property

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  1. Nandakumar Rathnam

    Nandakumar Rathnam New Member

    we have Ancestral property which my mother inherited in 1995, and due to the diplation state of the building, decided to enter into a 50-50 Joint venture, in Oct 2003, to demolish and reconstruct. the builder constructed 2 blocks of 4 flats each. with one block handed over to my mother and the builder sold all of the 4 flats in the other block [between may - Jul 2005].there was no cash transaction between my mother and the builder as part the sale or JV. In Oct 2014, my mother settled 1 portion/flat in my name. and i had sold the same, in July 2015. only documents we have is the sale deed that my mother signed, when 4 builder's flats were sold and the settlement deed.
    for computation of LTCG, please let know, if i can consider the sale price of the flats sold by the builder as the cost of acquisition/cost of Improvement, of the 4 flats my mother received and thereby compute the cost of flat, i had sold or should i only consider the Fair market value of 1981.
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