cpc

capital gain tax calculation


Repected Sir,

Please clarify the following case

CASE IS REGARDING, CALCLUATION OF CAPITAL GAIN.

FATHER PURCHASED PORPERTY, HE EXPIRED, RELEASED THE PROPERTY TO ONE LEGAL HEIR BY OTHER LEGAL HEIRS, THEN SOLD IT. NEED TO KNOW WHICH COST IS TAKEN AS COST OF ACQUISTION 


Details are as follows

Client is C, His father is F

1. F purchased Open plot in 1978 for Rs 6000(six thousand only)

2. F Constructed house in 1981 for Rs. 45,000(Forty five thousand)

3. F expired in Jan 1999

( legal heirs C, his mother and his elder brother  )

4. Mother and brother of client gave property to Client in 2013 ( release deed)


Release deed details (August 2013)

As the client is already  1/3 legal heir, 2/3 Of FMP was calculated. (TOTAL 15 lacks, 2/3 is 10 Lacks) On 10 lacks 

registration charges is paid (stamp duty of Rs.Around 35,000)

In the deed it is mentioned that " The parties hereto are unable to enjoy the said property jointly due to 
mis-understandings. 

Releasor offer the consideration of Rs.50,000 (Fifty Thousand) and releasee agreed to the same.
Releasors received the same.

 


5.In 2014 April Client sold the property for 15,00,000( Fifteen lacks)

 

Now how the tax calculation process will be considered.

Shell we take 1/3 of Father Rs. 6000 and index cost

or Acqustion cost is taken as consideration paid to brother and mother (Rs. 50,000)

or Irrespactive of considertion market cost is taken (15 Lacks) (or 2/3 = 10 Lacks) 

or Any other method

PLEASE PROVIDE THE RULES FOR THE ABOVE.
SECTION IF POSSIBLE
AND ALSO ANY JUDGEMENTS BEFORE IF POSSIBLE

THANKING YOU

K NAGESHWAR

 

 
Reply   
 

I also find difficulty in e-filing the tax. Now my taxes being e-filed through free service provided by the website www.hamaratax.com. I am damn sure that they can able to help you with free of cost with great accuracy. Hope i help you.

Thank you.

 
Reply   
 


LEAVE A REPLY


    

Your are not logged in . Please login to post replies

Click here to Login / Register  



 

  Search Forum








×

Menu

IPC Grand Course     |    x