• Ancestral property sale

Sir, we have ancestral property in Telangana state. its more than 100 years old. my father passed away in 1976 and mother in 2009. we are 4 brothers and got the property registered on our names in 2015 via partition deed. I am selling my part as per the municipal value this month. Can I know will my sale attract any capital gains tax please? Thank you
Asked 7 years ago in Income Tax

Yes, it may attract capital gain tax depending on your sale value.

You have to get your property valued from registered valuer as on 01.04.1981 and then multiply it with 11.25 in case you are selling it before march 2017. This value will be your indexed cost of acquisition. Now deduct indexed cost of acquisition from sale value of the property and resultant value will be your capital gain amount.

Please feel free to call/revert in case of any doubts

Thanks and Regards

Abhishek Dugar

CA CS B.Com

Abhishek Dugar
CA, Mumbai
3576 Answers
183 Consultations

4.8 on 5.0

sorry have no idea about registered valuer in hyderabad

Vishrut Rajesh Shah
CA, Ahmedabad
928 Answers
38 Consultations

5.0 on 5.0

Sorry sir, I personally don't know anybody in Hyderabad.

Abhishek Dugar
CA, Mumbai
3576 Answers
183 Consultations

4.8 on 5.0

Hello Sir,

Yes you will be required to pay taxes on the amount of Capital Gain.

You can get the valuation as on 1981 from the Municipal Office/ Registrar of that place.

Trust this clarifies your query.

Feel free to call / get back in case of further clarifications.

Thanking You.

Regards,

Rohit R Sharma

BCOM, ACA, LLB-GEN, CERT. FAFP

Rohit R Sharma
CA, Mumbai
2104 Answers
95 Consultations

5.0 on 5.0

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