My sister purchased a piece of land at W.B. in April 1973 which she gifted me by a deed in August 2004. Recently,I have sold it in March 2024. The stamp duty fair price is about Rs. 1,40,00,000. Whether this will attract Capital Gain Tax? If so what could be the method of calculatioin for obtaining Capital Gain?
Ans: Yes, capital gains will be attracted depending upon the cost at which she purchased the land.
Method to calculate capital gains is Sales consideration - expenses in relation to sales - indexed cost of acquisition.
Please take your CAs advice before moving ahead.