Dear Pankaj, As you mentioned, Cost inflation index used in calculations of indexed cost was started from the year 1981-82.
So you will have to assume a fair market value in 1981 to compute capital gains for a plot of land bought in 1976 for Rs 15000-. Fair market value can be assumed on basis of on-going prices in same/similar area in same city during 1981-82.
- where do we get the fair market value from.Does it need to be certified by someone ?
- How do we certify the cost of renovation ?
- also, what is the stamp duty for a gift deed.? regards