Capital gain

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LAZAREE WARKE (Querist)
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09 July 2015 Assessee has acquired flat belonging to father in mumbai in jan 2015 by executing the release deed of other legal heir. the flat was acquired by father 40 years back. In this case the assessee has acquired the property by inheritance. so no question of consideration. Now assessee wants disclose of the flat. What will be impact towards capital gain either short term or long term capital gain.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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09 July 2015 It is a long term capital gain.

Ankur Singhal

Ankur Singhal (Expert)
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09 July 2015 Yes Its a long term capital gain.

In this case the year of acqisition of the father would be considered.i.e 40 years back
also the cost of the asset would be the as aquired by father.

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