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.
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.
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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