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
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