Calculation Of Capital Gains Tax Ay 2017-18

Accurately compute your capital gains tax liability for Assessment Year 2017-18 with our expert tool

Comprehensive Guide to Capital Gains Tax Calculation for AY 2017-18

Module A: Introduction & Importance of Capital Gains Tax

Capital Gains Tax (CGT) for Assessment Year (AY) 2017-18 represents one of the most significant financial considerations for Indian taxpayers who have sold capital assets during the Financial Year 2016-17. This tax applies to the profit earned from the sale of assets such as property, stocks, mutual funds, gold, and other capital assets when their sale price exceeds their purchase price.

The importance of accurate capital gains tax calculation cannot be overstated. For AY 2017-18, the Income Tax Department introduced several key provisions that affected how capital gains were calculated and taxed. The Finance Act 2016 brought changes to the holding period criteria for long-term capital assets and modified the tax rates for certain asset classes.

Key reasons why proper calculation matters:

• Legal Compliance: Incorrect calculations can lead to notices from the Income Tax Department and potential penalties
• Financial Planning: Accurate tax computation helps in effective wealth management and investment planning
• Tax Optimization: Understanding the nuances allows taxpayers to legally minimize their tax liability through exemptions and deductions
• Documentation: Proper records are essential for future reference and potential tax audits

The AY 2017-18 period was particularly notable because it marked the transition to the new tax regime that would eventually lead to the significant changes implemented in subsequent years. Taxpayers needed to be especially diligent about:

1. Correctly classifying assets as short-term or long-term based on the revised holding periods
2. Applying the appropriate cost inflation index for indexation benefits
3. Understanding the different tax rates for various asset classes
4. Properly documenting all transaction-related expenses

Module B: How to Use This Capital Gains Tax Calculator

Our interactive calculator is designed to provide accurate capital gains tax computation for AY 2017-18 while accounting for all relevant tax provisions. Follow these step-by-step instructions to get precise results:

1. Select Asset Type: Choose the category of asset you sold from the dropdown menu. The calculator supports:
   • Property (residential/commercial land and buildings)
   • Stocks and shares (listed and unlisted)
   • Mutual funds (equity and debt)
   • Gold (jewelry, coins, ETFs)
   • Other capital assets
2. Enter Transaction Dates:
   • Purchase Date: The date when you acquired the asset
   • Sale Date: The date when you sold the asset (must be between April 1, 2016 and March 31, 2017 for AY 2017-18)

   Note: The calculator automatically determines whether your asset qualifies as short-term or long-term based on these dates and the asset type.

3. Provide Financial Details:
   • Purchase Price: The original cost of acquiring the asset
   • Sale Price: The amount received from selling the asset
   • Improvement Cost: Any expenses incurred to enhance the asset’s value (only for property)
   • Transfer Expenses: Costs associated with the sale (brokerage, stamp duty, registration fees etc.)
4. Indexation Settings:
   • Choose whether to apply indexation benefit (recommended for long-term assets)
   • Enter the inflation rate (default is 7.5% which was the approximate rate for 2016-17)

   For AY 2017-18, the Cost Inflation Index (CII) was 254 for FY 2016-17. The calculator uses this automatically for accurate indexation.

5. Review Results: The calculator will display:
   • Holding period classification
   • Indexed cost of acquisition
   • Calculated capital gains
   • Applicable tax rate
   • Final tax amount
   • Net amount after tax
   • Visual breakdown of your tax liability

Pro Tip: For property sales, ensure you include all improvement costs with proper documentation as these can significantly reduce your taxable gains. The Income Tax Department often scrutinizes property transactions closely.

Module C: Formula & Methodology Behind the Calculation

The capital gains tax calculation for AY 2017-18 follows specific formulas defined by the Income Tax Act, 1961. Our calculator implements these formulas precisely while accounting for all relevant provisions.

1. Determining Holding Period

The first critical step is classifying the asset as short-term or long-term based on its holding period:

Asset Type	Short-Term Holding Period	Long-Term Holding Period
Immovable Property (Land/Building)	≤ 24 months	> 24 months
Listed Shares/Securities	≤ 12 months	> 12 months
Unlisted Shares	≤ 24 months	> 24 months
Mutual Funds (Equity)	≤ 12 months	> 12 months
Mutual Funds (Debt)	≤ 36 months	> 36 months
Gold & Other Assets	≤ 36 months	> 36 months

2. Calculating Indexed Cost of Acquisition

For long-term capital assets, taxpayers can benefit from indexation which adjusts the purchase price for inflation:

Formula:

Indexed Cost = (Purchase Price × CII of Sale Year) / CII of Purchase Year

Where:

• CII for FY 2016-17 (AY 2017-18) = 254
• CII values for previous years are available from the Income Tax Department

3. Computing Capital Gains

The capital gains are calculated differently based on the holding period:

For Short-Term Capital Gains (STCG):

STCG = Sale Price – (Purchase Price + Improvement Costs + Transfer Expenses)

For Long-Term Capital Gains (LTCG):

LTCG = Sale Price – (Indexed Cost of Acquisition + Indexed Improvement Costs + Transfer Expenses)

4. Determining Tax Rate

The applicable tax rates for AY 2017-18 were as follows:

Asset Type	Short-Term Tax Rate	Long-Term Tax Rate	Special Provisions
Property	As per income tax slab	20% with indexation	10% without indexation (Section 112)
Listed Shares (STT paid)	15% (Section 111A)	10% (without indexation)	Exemption u/s 10(38) if STT paid
Unlisted Shares	As per income tax slab	20% with indexation	–
Equity Mutual Funds	15%	10% (without indexation)	Exemption u/s 10(38) if STT paid
Debt Mutual Funds	As per income tax slab	20% with indexation	–
Gold & Jewelry	As per income tax slab	20% with indexation	–

5. Final Tax Calculation

The final tax amount is computed by applying the appropriate rate to the calculated capital gains. For long-term assets, taxpayers could choose between:

• 20% with indexation benefit (recommended for most cases as it typically results in lower tax)
• 10% without indexation (only beneficial in rare cases where inflation was very low)

Our calculator automatically selects the most tax-efficient option based on your inputs.

6. Exemptions and Deductions

AY 2017-18 allowed several exemptions that could reduce or eliminate capital gains tax:

• Section 54: Exemption on sale of residential property if proceeds are reinvested in another residential property (up to ₹2 crore)
• Section 54EC: Exemption if gains invested in specified bonds (NHAI, REC etc.) within 6 months (max ₹50 lakh)
• Section 54F: Exemption on sale of any long-term asset if proceeds used to buy residential property
• Section 10(38): Complete exemption on long-term gains from listed shares if STT was paid

Important Note: The calculator provides the basic tax computation. For exemptions, you would need to manually adjust your final tax liability based on your reinvestment plans.

Module D: Real-World Examples with Specific Numbers

To better understand how capital gains tax works for AY 2017-18, let’s examine three detailed case studies with actual numbers:

Example 1: Sale of Residential Property (Long-Term)

Scenario: Mr. Sharma sold a residential flat in Mumbai on January 15, 2017 that he purchased on March 20, 2010.

Purchase Date:	March 20, 2010
Sale Date:	January 15, 2017
Purchase Price:	₹45,00,000
Sale Price:	₹1,20,00,000
Improvement Cost (2014):	₹8,00,000
Transfer Expenses:	₹3,50,000
CII for 2010-11:	167
CII for 2016-17:	254

Calculation:

1. Holding Period: 6 years 10 months (Long-term)
2. Indexed Cost of Acquisition: (45,00,000 × 254/167) = ₹68,48,503
3. Indexed Improvement Cost: (8,00,000 × 254/193) = ₹10,51,813 (using CII for 2014-15)
4. Total Indexed Cost: ₹68,48,503 + ₹10,51,813 = ₹79,00,316
5. Long-Term Capital Gains: ₹1,20,00,000 – (₹79,00,316 + ₹3,50,000) = ₹37,49,684
6. Tax at 20%: ₹37,49,684 × 20% = ₹7,49,937

Net Amount After Tax: ₹1,20,00,000 – ₹7,49,937 = ₹1,12,50,063

Exemption Opportunity: Mr. Sharma could have saved the entire ₹7,49,937 tax by reinvesting the capital gains in another residential property under Section 54, or in specified bonds under Section 54EC.

Example 2: Sale of Listed Shares (Short-Term)

Scenario: Ms. Patel sold shares of Reliance Industries on December 5, 2016 that she purchased on April 10, 2016.

Purchase Date:	April 10, 2016
Sale Date:	December 5, 2016
Purchase Price (100 shares @ ₹1,050):	₹1,05,000
Sale Price (100 shares @ ₹1,180):	₹1,18,000
Brokerage (0.5%):	₹1,180
STT Paid:	₹236

Calculation:

1. Holding Period: 7 months 25 days (Short-term)
2. Total Cost: ₹1,05,000 + ₹236 (STT on purchase) = ₹1,05,236
3. Short-Term Capital Gains: ₹1,18,000 – (₹1,05,236 + ₹1,180) = ₹11,584
4. Tax at 15%: ₹11,584 × 15% = ₹1,738

Net Amount After Tax: ₹1,18,000 – ₹1,738 = ₹1,16,262

Key Note: Since STT was paid on both purchase and sale, the gains would actually be exempt under Section 10(38) if held for more than 12 months. In this case, since it’s short-term, the 15% tax applies.

Example 3: Sale of Gold Jewelry (Long-Term)

Scenario: Mr. and Mrs. Desai sold gold jewelry on March 10, 2017 that they purchased on November 2, 2012.

Purchase Date:	November 2, 2012
Sale Date:	March 10, 2017
Purchase Price (50 grams @ ₹28,000/10g):	₹1,40,000
Sale Price (50 grams @ ₹30,500/10g):	₹1,52,500
Making Charges (2012):	₹14,000
CII for 2012-13:	200
CII for 2016-17:	254

Calculation:

1. Holding Period: 4 years 4 months (Long-term)
2. Indexed Cost of Acquisition: (₹1,40,000 × 254/200) = ₹177,800
3. Indexed Making Charges: (₹14,000 × 254/200) = ₹17,780
4. Total Indexed Cost: ₹177,800 + ₹17,780 = ₹1,95,580
5. Long-Term Capital Gains: ₹1,52,500 – ₹1,95,580 = Negative (Loss)

Result: No tax liability as the transaction resulted in a capital loss. This loss could be carried forward for 8 assessment years to set off against future capital gains.

Important Observation: This example demonstrates why gold often doesn’t yield significant capital gains when accounting for inflation, especially when considering making charges which aren’t always fully recoverable.

Module E: Data & Statistics for AY 2017-18

The Assessment Year 2017-18 saw significant capital gains tax collections and some notable trends in asset transactions. Below are key data points and comparative tables that provide context for understanding the tax landscape during this period.

1. Capital Gains Tax Collection Trends

Assessment Year	Total Capital Gains Tax Collected (₹ crore)	Short-Term (%)	Long-Term (%)	YoY Growth (%)
2015-16	42,876	62%	38%	12.4%
2016-17	48,921	58%	42%	14.1%
2017-18	56,342	55%	45%	15.2%
2018-19	68,715	52%	48%	21.9%

Key Observations:

• Steady growth in capital gains tax collections with a 15.2% increase in AY 2017-18
• Gradual shift from short-term to long-term capital gains, indicating more investors holding assets longer
• The significant jump in 2018-19 (21.9% growth) was partly due to the introduction of LTCG tax on equity in Budget 2018

2. Asset Class Performance and Tax Implications

Asset Class	Avg. Holding Period (2016-17)	Avg. Return (%)	Effective Tax Rate (%)	Popularity Rank
Residential Property	5.2 years	8.7%	18.4%	1
Listed Equities	1.3 years	15.6%	12.8%	2
Mutual Funds (Equity)	2.1 years	12.3%	14.2%	3
Gold	4.8 years	6.2%	19.1%	4
Debt Mutual Funds	3.5 years	7.8%	17.6%	5

Analysis:

• Property remained the most popular asset class despite relatively lower returns, likely due to its tangible nature and cultural preference
• Equities showed the highest returns but shorter holding periods, leading to higher STCG tax incidence
• Gold underperformed compared to other assets but had longer average holding periods
• The effective tax rates reflect the mix of short-term and long-term transactions for each asset class

3. Regional Variations in Property Transactions

Property transactions showed significant regional variations in AY 2017-18:

City	Avg. Property Price (₹/sq.ft)	Avg. Holding Period	% Long-Term Transactions	Avg. Capital Gains (₹ lakh)
Mumbai	15,200	6.1 years	78%	42.3
Delhi NCR	9,800	5.7 years	72%	31.5
Bangalore	8,500	4.9 years	65%	28.7
Chennai	7,200	6.3 years	81%	24.1
Hyderabad	6,800	5.2 years	68%	20.4
Pune	7,900	5.5 years	70%	26.8

Regional Insights:

• Mumbai had the highest property values and capital gains, but also the longest average holding periods
• Chennai showed the highest percentage of long-term transactions, suggesting more stable investment patterns
• Bangalore had relatively shorter holding periods, possibly due to its dynamic real estate market
• The data correlates with the economic activity and investment patterns in each city

4. Impact of Demonetization (November 2016)

The demonetization announcement on November 8, 2016 had significant implications for capital gains tax in AY 2017-18:

• Property Market: Transactions dropped by 30-40% in Q3 2016-17 but rebounded in Q4 as cash transactions were replaced by formal channels
• Gold Sales: Saw a 25% increase in declared transactions post-demonetization as investors sought to regularize holdings
• Equity Markets: Experienced volatility but ultimately grew by 12% during the financial year
• Tax Collections: The government reported a 17% increase in capital gains tax declarations compared to the previous year, attributed to better compliance

For taxpayers, this meant:

• More scrutiny on high-value cash transactions in property deals
• Increased documentation requirements for gold sales
• Greater emphasis on proper reporting of all capital gains

Module F: Expert Tips for Capital Gains Tax Optimization

Navigating capital gains tax for AY 2017-18 requires strategic planning. Here are expert tips to help optimize your tax liability while remaining fully compliant:

1. Strategic Asset Holding Periods

• For Property: Hold for at least 24 months to qualify for long-term status and benefit from lower tax rates (20% with indexation vs. slab rate)
• For Equities: Holding for >12 months not only qualifies for LTCG but also makes you eligible for Section 10(38) exemption if STT was paid
• For Debt Funds: The 36-month holding period for long-term status makes them less tax-efficient compared to equity funds

2. Leverage Indexation Benefits

1. Always opt for indexation when available – it typically results in lower taxable gains
2. For property, maintain records of all improvement expenses as these can be indexed separately
3. Use the government’s official CII values – for AY 2017-18, CII was 254 for FY 2016-17
4. Consider that indexation may not always be beneficial for assets with very low inflation during the holding period

3. Utilize Available Exemptions

• Section 54 (Property):
  • Reinvest capital gains in another residential property within 1 year before or 2 years after sale
  • For under-construction properties, the period is 3 years from sale date
  • Maximum exemption: ₹2 crore (for gains up to ₹2 crore)
• Section 54EC (Bonds):
  • Invest in specified bonds (NHAI, REC, etc.) within 6 months of sale
  • Maximum investment: ₹50 lakh per financial year
  • Lock-in period: 5 years (3 years for bonds purchased before April 1, 2018)
• Section 54F (Other Assets):
  • For non-property assets, reinvest sale proceeds in residential property
  • Must not own more than one residential house at time of sale
  • New property must be purchased within 1 year before or 2 years after sale

4. Tax-Loss Harvesting Strategies

• Sell underperforming assets to realize losses that can offset gains
• Capital losses can be carried forward for 8 assessment years
• Short-term losses can be set off against both short-term and long-term gains
• Long-term losses can only be set off against long-term gains

5. Documentation and Compliance

1. Maintain complete records of:
   • Purchase deeds/sale agreements
   • Bank statements showing transactions
   • Receipts for improvement costs
   • Brokerage statements for securities
   • Valuation reports if applicable
2. For property sales:
   • Ensure proper stamp duty valuation
   • Get registration done at circle rates
   • Keep records of any capital improvements
3. For shares/mutual funds:
   • Maintain contract notes and demat statements
   • Track STT payments which are crucial for exemptions

6. Special Considerations for Different Asset Classes

• Property:
  • Consider joint ownership to utilize multiple exemptions
  • Be aware of circle rate implications on your cost basis
  • Document all capital improvements with receipts
• Equities:
  • For STT-paid transactions, prefer long-term holding for exemption
  • Use the “first-in-first-out” method for calculating cost when selling partial holdings
  • Consider tax implications before switching between regular and direct mutual fund plans
• Gold:
  • For jewelry, maintain purchase invoices showing gold content and making charges separately
  • Consider sovereign gold bonds for better tax treatment
  • Be aware that gold ETFs have different tax treatment than physical gold

7. Common Mistakes to Avoid

• Incorrectly calculating the holding period (especially around the 12/24/36-month thresholds)
• Forgetting to include all costs (brokerage, stamp duty, registration fees) in the cost basis
• Not applying indexation when beneficial (or applying it when not beneficial)
• Missing exemption deadlines (especially the 6-month window for Section 54EC bonds)
• Improper documentation of capital improvements for property
• Not considering state-specific taxes (like stamp duty) in the overall cost
• Assuming all capital gains are taxable without exploring exemptions

8. Year-End Planning Tips

• Review your portfolio in February/March to identify potential tax-loss harvesting opportunities
• If planning to sell an asset, consider the timing to optimize the holding period
• For property sales, ensure you have a reinvestment plan ready to utilize exemptions
• Consult with a tax advisor if you have complex transactions or large gains
• Prepare all documentation before the financial year ends to avoid last-minute rush

Module G: Interactive FAQ – Capital Gains Tax AY 2017-18

What is the difference between short-term and long-term capital gains for AY 2017-18?

The classification depends on the holding period of the asset and its type:

• Property: ≤24 months = short-term; >24 months = long-term
• Listed Shares: ≤12 months = short-term; >12 months = long-term
• Unlisted Shares: ≤24 months = short-term; >24 months = long-term
• Mutual Funds (Equity): ≤12 months = short-term; >12 months = long-term
• Mutual Funds (Debt): ≤36 months = short-term; >36 months = long-term
• Gold & Other Assets: ≤36 months = short-term; >36 months = long-term

The tax rates differ significantly: short-term gains are typically taxed at your income tax slab rate (or 15% for listed shares), while long-term gains have specific rates (usually 20% with indexation or 10% without).

How does indexation work and when should I use it?

Indexation adjusts the purchase price of an asset for inflation, reducing your taxable capital gains. Here’s how it works:

Formula: Indexed Cost = (Original Cost × CII of Sale Year) / CII of Purchase Year

For AY 2017-18 (FY 2016-17), the CII was 254. You should use indexation when:

• You’re selling a long-term capital asset
• The inflation rate during your holding period was significant
• The asset has appreciated substantially in nominal terms

Example: If you bought property in 2010-11 (CII=167) for ₹50 lakh and sold in 2016-17 for ₹1 crore:

Indexed Cost = (50,00,000 × 254) / 167 = ₹76,34,730

Taxable Gain = ₹1,00,00,000 – ₹76,34,730 = ₹23,65,270 (vs. ₹50,00,000 without indexation)

When not to use indexation: If inflation was very low during your holding period, or if you have capital losses to offset.

What documents do I need to maintain for capital gains tax filing?

Proper documentation is crucial for capital gains tax compliance. Maintain these records:

For Property Transactions:

• Original purchase deed/sale agreement
• Registration documents with stamp duty details
• Receipts for all capital improvements
• Bank statements showing payment receipts
• Property tax receipts (to establish holding period)
• Valuation reports if applicable

For Shares/Mutual Funds:

• Contract notes from broker
• Demat account statements
• Bank statements showing transactions
• STT (Securities Transaction Tax) payment proofs
• Mutual fund account statements

For Gold:

• Purchase invoices (showing gold content and making charges separately)
• Hallmark certificates
• Bank statements for high-value transactions
• Assay reports for old jewelry

General Documents:

• PAN card copy
• Aadhaar card (for high-value transactions)
• Previous years’ IT returns (if carrying forward losses)
• Proof of reinvestment (if claiming exemptions)

Pro Tip: For property, get a registered valuation from a government-approved valuer if you don’t have original purchase documents for old properties.

Can I claim exemption on capital gains if I reinvest in my spouse’s name?

No, the Income Tax Department is very strict about this. Exemptions under Sections 54, 54EC, and 54F are only available when:

• The new asset is purchased in your own name
• For property exemptions, you can purchase in your name or jointly with your spouse
• The investment must be made within the specified time limits

If you reinvest in your spouse’s name exclusively:

• The exemption will be denied
• You’ll have to pay full capital gains tax
• You may face scrutiny from the tax department

Alternative Solutions:

• Purchase the property jointly with your spouse
• Consider purchasing in your name and then gifting to your spouse after the lock-in period
• For Section 54EC bonds, these must be in your own name

Always consult with a tax advisor before structuring such transactions to ensure compliance with tax laws.

How does demonetization affect my capital gains tax for AY 2017-18?

Demonetization (November 8, 2016) had several impacts on capital gains tax for AY 2017-18:

1. Increased Scrutiny:

• The tax department closely examined high-value cash transactions
• Property deals with significant cash components came under special scrutiny
• Gold purchases/sales were monitored more strictly

2. Documentation Requirements:

• All transactions above ₹2 lakh required PAN mandatory
• Bank transactions became the norm for property deals
• Old jewelry sales required proper invoices and hallmark certificates

3. Market Impacts:

• Property prices corrected in many markets, affecting capital gains calculations
• Gold prices saw volatility but ultimately increased due to safe-haven buying
• Equity markets saw initial dip but recovered strongly by year-end

4. Tax Compliance Changes:

• More taxpayers declared capital gains compared to previous years
• The government introduced stricter reporting requirements for high-value transactions
• Many taxpayers regularized previously undeclared assets

For Your Tax Filing:

• Ensure all transactions are properly documented
• Be prepared for potential queries if you had large cash components in your deals
• If you sold old jewelry, get proper valuation and assay reports
• For property, ensure the sale consideration matches the circle rate

The demonetization effect made AY 2017-18 particularly important for proper capital gains reporting and compliance.

What are the consequences of incorrect capital gains tax calculation?

Incorrect capital gains tax calculation can lead to several serious consequences:

1. Immediate Financial Penalties:

• Interest: 1% per month on underpaid tax (Section 234A, 234B, 234C)
• Penalty: Up to 300% of the tax evaded if deemed willful (Section 270A)
• Prosecution: In extreme cases, imprisonment up to 7 years

2. Tax Department Actions:

• Issuance of notice under Section 143(2) for scrutiny
• Reassessment proceedings under Section 147
• Freezing of bank accounts in severe cases
• Attachment of assets for recovery

3. Long-Term Impacts:

• Difficulty in getting loans (banks check tax compliance)
• Problems with visa applications (many countries check tax records)
• Damage to credit score and financial reputation
• Potential blacklisting for government contracts

4. Common Calculation Errors:

• Incorrect holding period classification
• Wrong CII values for indexation
• Missing improvement costs or transfer expenses
• Improper exemption claims
• Incorrect STT treatment for shares

How to Avoid Problems:

• Use reliable calculators like this one
• Maintain complete documentation
• Consult a tax professional for complex transactions
• File revised returns if you discover errors (before the department notices)
• Be proactive in responding to any tax notices

Remember that the Income Tax Department has become increasingly sophisticated in detecting discrepancies through data analytics and information sharing with other agencies.

How do I calculate capital gains if I inherited the property?

For inherited property, the calculation follows special rules:

1. Determining Cost of Acquisition:

• Use the property’s fair market value (FMV) as of April 1, 2001 (or the date of inheritance if later)
• For inheritance before 2001, you can choose between:
  • The actual cost to the previous owner, or
  • The FMV as of April 1, 2001
• Get a registered valuer’s certificate for the FMV

2. Holding Period Calculation:

• Includes the period the previous owner held the property
• If the previous owner held it for >24 months, it’s long-term for you
• Document the inheritance through will/probate or legal heir certificate

3. Example Calculation:

Property inherited in 2010 (original purchase by father in 1995 for ₹5 lakh), sold in 2017 for ₹80 lakh:

• FMV on April 1, 2001: ₹20 lakh (from valuer)
• Holding period: 16 years (long-term)
• Indexed Cost: (20,00,000 × 254/100) = ₹50,80,000 (CII for 2001-02 was 100)
• Capital Gains: ₹80,00,000 – ₹50,80,000 = ₹29,20,000
• Tax: ₹29,20,000 × 20% = ₹5,84,000

4. Special Considerations:

• Multiple inheritors must divide the cost basis according to their share
• Improvement costs incurred by previous owner can be added if documented
• For ancestral property, tracing ownership can be complex – maintain proper records
• Consider getting a succession certificate if there are multiple claimants

Documentation Needed:

• Death certificate of previous owner
• Will or probate documents
• Legal heir certificate if no will
• Previous ownership documents
• Valuation report for FMV