Inherited property, buying cost unknown

Income Tax Act 1961 Income from Capital Gains
1

I have an inherited property, which was acquired by my grandfather in 1939

I have no idea of purchase price and am unable to get FMV as of April 2001 from certified valuers.

Now. I want to sell the property, is there any way to calculate FMV, can I assume purchase price as 10k or 20k

I have invested Rs 25000 during 1993 for renovation of the property, but I haven’t any documents towards expenses

I have a buyer for the property for Rs 8 lakhs

Please help me

2

Hey @Anita_Saraf

You have two options. You can either consider the purchase price as ₹1 (for 1939), or try to arrive at a reasonable estimate from local sources like municipal records or nearby property values.

The ₹25,000 renovation cost (1993) can be added to the cost and indexed.

Hope this helps !!