capital Gains

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  1. I have a clarification on capital gains.

    My mother got a portion of sale of property from her father's property.

    the house was constructed in 1979 and the date of sale is Oct-2015.

    there is no cost of improvement of assets.



    Please let me know what will be the long term capital gains in my mothers hand value around 10 lakhs.



    thanks and regards,



    S.Chandrashekar.
     
  2. ZED

    ZED Well-Known Member

    We need to know the fair market value of that property as on 1.4.81. You may contact a registered valuer for this purpose, or you may ask the estimated weighted average cost per feet/acre of that property, for this purpose you will need to contact the sub-registrar / registrar and write a letter asking for the price at which the registry was affected of properties in your locality on or around 1.4.81.

    They will provide you with a list of properties which were registered on or around 1.4.81, that list will also contain details about the value at which each property was registered. From this list , compute the Weighted average cost per unit (gaj/feet/acre....)

    Then apply this weighted average cost to the area of the property.
    Indexation is also to be provided.
    Cost of transfer such as brokerage etc will be allowed to be deducted.


    You may also contact me @ my mail
    [email protected]
     
  3. thanks sir.
     
    ZED likes this.
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