Ask an Expert
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Date : Feb 12, 2008 Question Dear Sir, Please clarify my doubts on long term capital gains on sale of land. 1.My grand mother got a gift of land from her aunty in 1972 which was purchased in 1969 at a cost of 3000.00 by my grand mther' aunty.Now we are planning to sell the land at Rs.36.00 lacs.What are the long term capital gains tax to be paid on this on the basis of Cost Inflation Index basic year is 1981.Can we take the cost of acquisition at Rs.7.50 lacs as Fair Value in 1981.Please note that earlier there was no concept of fair value and also registrations use to take place at the price as declared by the vendor and vendee.Off late the registrations are taking place at the rate notified by the government as fair value and Income tax is being calculated on the registration value irrespective of the actual money received. Also kindly let me know the tax rates if calculated at Cost Inflation Index and with out CII anf how to arrive at Fair Market Value in 1981. Answer Please consult a tax advisor for a detailed response as a comment on this issue will be based on certain facts. |
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