Capital gain
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 February 2015
Dear Experts,
Pls, resolve my below mentioned doubt pertaining to Capital Gain.
1.Sir, Mr.X have received the Property from his Uncle(Chachaji) on their death(without any consideration) and in the same year Mr. X sold the property. Pls, confirm whether it is chargable to long term or short term Capital Gain.
2.How indexation or what would be the cost of equisation if it is belong to the year 1950.
3. Can capital Gain from property can be invested to avail tax deduction u/s 54EC up to Rs. 50 Lakh.
Pls, resolve my below mentioned doubt pertaining to Capital Gain.
1.Sir, Mr.X have received the Property from his Uncle(Chachaji) on their death(without any consideration) and in the same year Mr. X sold the property. Pls, confirm whether it is chargable to long term or short term Capital Gain.
2.How indexation or what would be the cost of equisation if it is belong to the year 1950.
3. Can capital Gain from property can be invested to avail tax deduction u/s 54EC up to Rs. 50 Lakh.
02 February 2015
It is chargeable to long term capital gain the cost for indexation will be taken what it costed to the previous owner.
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