Accounting of property received on death

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

02 March 2017 Suppose Mr.X has died.
Following Property belongs to Mr.X
House-Purchased at Rs.3,00,000/-
Plot- Purchased at Rs. 2,00,000/-
Car- Purchased at Rs.2,00,000/-
Cash on Date of Death-50,000
Equity Shares- Purchased at Rs. 3,00,000/-

Now all these get transferred to Mrs. X & Their Child Y

At what values will the above be recorded if Mrs. X & Y agree to be joint holders.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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02 March 2017 Values to be recorded at purchase cost indicated above, as purchase cost will be considered for capital gain working in case of future sale.

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