Capital gain
This query is : Resolved
LAZAREE WARKE
(Querist)
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
(Expert)
09 July 2015
It is a long term capital gain.
Ankur Singhal
(Expert)
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.
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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