Capital gain

This query is : Resolved

MADAN MOHAN MISHRA (Querist)
Follow

21 May 2013 Father have a property in which son is the nominee. after death of father the property becomes to son.

Question:
1) what is the period of holding..
date will be caclulated from when.
2) what will be the cost of acquition in the hands of son as on today.

Please suggest and mention the section also.

Thanking You
Madan Mohan Mishra

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
Follow

21 May 2013 if the property received on succession, inheritance or devolution by the assessee

Cost of acquisition the cost which previous owner acquired.so you case cost is the cost of property which paid by your father( Sec.49)

Period of holding also will start from when the previous owner purchased date