Anil Rego |384 Answers |Ask -Follow
Financial Planner - Answered on Dec 15, 2021
This property was bought by my grandfather in 1971, then inherited by my father and subsequently transferred to me by a gift deed.
For calculation of tax purposes, the circle rate at the time of acquisition is required.
However, circle rates in Delhi were introduced only in 2007.
How can I calculate the tax liability on sale of the property?
In this case, the cost of acquisition should be the cost paid by the original purchaser of the property, other than inheritance or gift.
This property has been purchased in 1971 and hence you can use the base year of 2001 for purchases before this date.
You would need to use the fair market value of April 1, 2001 as the purchase price.
You can use indexation based on the CII from this period to the year of sale.
LTCG can be calculated based on this, after adding cost of improvement, if any.
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