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Capital gain - date of acquisition of inherited property (Income Tax)

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This query is : Resolved



( Author )
24 May 2010

situation is son acquires property from father in jan 2010 sells in march 2010 whether the capital gain is short term or long term.

1) Father bought property in 1983.

can the inherited property gets the benefit of date of acquisition of the original or previous owner. related to cost of acquisition the cost to orig owner can be taken as cost how abt date of acquisition

throw light on the sec 48 & 49 of IT act

also provide case laws if any.


Rahul Gupta

( Expert )
24 May 2010

My view is that in case of inherited property the Date of acquisition and cost will be taken as is it to the original buyer i.e father. and also accordingly it is long term capital gain.

Experts views are solicited........


Indigo

( Author )
24 May 2010

so does it mean not so clear


Rahul Gupta

( Expert )
24 May 2010

Experts views solicited means that if any expert need to say something else or has different then he/she is welcome..It means..my knowledge and views says what i have said.
Also, it may happen that you may be not satisfied with the ans of one expert so you are also welcome with views from other experts..

My knowledge says that it is considered from the date of previous owner.
Regards


Indigo

( Author )
24 May 2010

I AM TOO OF UR VIEW...BUT I CUDN GET A CLEAR TEXTOR RELEVANCE FROM ACT. OK WILL KEEP THIS OPEN LETS C HOW ANY OTHER EXPERT REPLY


Rahul Gupta

( Expert )
24 May 2010

I will try to give you texts from the acts or case laws for the same. Till them let others reply..


Indigo

( Author )
24 May 2010

OK WILL WAIT BUT PLZ DO...CAN THE EXPERTS POST REPLY IF THE STATUS IS RESOLVED..WEN U REPLY PLZ KEEP IT IN OPEN STATE SO OTHERX CAN POST REPLY. THX WAITING FOR UR REPLY


Rahul Gupta

( Expert )
24 May 2010

in the case of an inherited or gifted property, the cost of acquisition is the cost to the original holder but the date of acquisition should be taken as the date of the inheritance or the gift. However, the character of long or short-term depends upon the date of acquisition of the original holder. In case this original holder has also acquired the property by way of gift or inheritance then it will be the date of very first holder who purchased or constructed the property.

Check out these links

http://www.dnaindia.com/money/comment_capital-gains-on-inherited-property_1318966

http://www.caclubindia.com/forum/capital-gain-on-inherited-property--72582.asp


CA Sanjeev Kr Jain

( Expert )
25 May 2010

GO TO LAST COLUMN OF TABLE GIVEN ON PAGE NO A-138 OF INCOME TAX READY RECKNOER OF SINGHANIA LATEST 33RD VERSION, YOU WILL GET ANSWER


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