👌👌👌👌👌👌👌Clear Tax–Capital Gains Tax — Important Information

Which ITR form am I supposed to file on capital gain from the Sale of Property or Gold?

You are supposed to file ITR – 2 if you have a capital gain from the Sale of Property or Gold or ITR – 3 (If you have business Income).

I have sold ancestral Property. How to determine the cost of acquisition to calculate the capital gain on the same?

If you have sold the ancestral property, Then the cost to the previous owner will be considered as your cost of acquisition. If the property was purchased before 1st April 2001, then Fair value as of 1st April 2001 will be deemed to be the cost of acquisition. However, it is to be noted that Fair value as on 1st April, 2001 cannot exceed Stamp Duty Value as on 1st Aril, 2001.