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
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.
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
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
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.
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