Capital Gains Tax on sale of Inherited Pond

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  1. DHIRENDRA GOUDA

    DHIRENDRA GOUDA New Member

    CALCULATION OF LONG TERM CAPITAL GAINS TAX IN CASE OF A IN INHERITED POND ?
     
  2. rudrabose

    rudrabose Active Member

    It would be treated as an asset and tax computed in the same manner as on other assets.

    Indexed Cost of Acquisition & Indexed Cost of Improvement would be calculated and subtracted from the Sale Price
     
    DHIRENDRA GOUDA and Poddar Rahul like this.
  3. DHIRENDRA GOUDA

    DHIRENDRA GOUDA New Member

    Attention please : Mr. RudraBose (Active Member)

    Sir,
    heartiest thanks to your kind reply date march 20, 2015, it would be very kind of you to further clarify the following

    1. Location of the pond Village - Bahora, Sub-Division Kalna,Dist-Burdwan. Area - 0.54 acre .
    2. Present holders- holding for seventy(70) years after death of father (1945). father inherited from his father about hundred (100) years ago probably by inheritance so cost of acquisition is unknown.
    3. No major improvementof the pond has been done, any time.
    4. Assessed foe registration purpose Rs. five lakhs.


    How the capital gain tax in this above case be calculated.

    5. Is their any minimum amount for which capital gains tax is not applicable?
     
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