u/Foreign-Account-2984

so the thing enti ante guntur lo 2bhk 50L lo good residential area lo expect cheyocha for my parents who re in their 60s

norrmal preferences:

Hindu community

Near to hospitals

locality

Groceries and daily needs

I need some clarification regarding capital gains tax on an inherited property.

Our family has an old property originally purchased around 1960. It is around 400 sq yd with a house and was later divided into 4 shares. My father’s share is 100 sq yd, including part of the existing house.

The current government/stamp value for his 100 sq yd share is around ₹46 lakh, but the expected actual sale value is around ₹1.10 crore.

If we sell it for ₹1.10 crore, our plan is to use the money as follows:

• ₹50 lakh – purchase a 2-BHK

• ₹60 lakh – purchase a plot

So the entire ₹1.10 crore would be reinvested.

My questions are:

1. Can the ₹50 lakh spent on the 2-BHK be claimed under Section 54 and reduce the capital gains tax?

2. Does purchasing the ₹60 lakh plot provide any capital-gains exemption?

3. If instead we buy the ₹60 lakh plot and construct a residential house on it, would the plot + construction qualify for Section 54?

4. How should the 1 April 2001 FMV be determined since we don't have the old valuation records?

5. Considering the property was inherited and partitioned over the years, what would be the correct cost of acquisition for calculating LTCG?

I’m trying to understand the legally correct way to structure this before selling.

We have a property that originally belonged to my grandfather. The total property is around 3,600 sq. ft., and it is divided equally among four people. My father is one of the four, so his share is around 900 sq. ft.

Last month, we approached a surveyor/engineer to officially survey the property and estimate its current value.

According to their valuation, the entire property is worth around ₹4.28 crore.

So, if divided equally, each person’s share comes to approximately ₹1.07 crore.

This is the only house/property we have. We don’t own any other house or property apart from this.

MY POV:

As per the valuation → 4.28 Cr

For individual → 1 Cr 7 L

2 BHK flat for parents → 45 to 50 L (if in Guntur)

Invest in LAND → 60 L

F.D (8.2%) if any balance left.

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