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Capital gain

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Querist : Anonymous

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Querist : Anonymous (Querist)
26 December 2015 Sir,
If a person purchase the house property in 1967 value Rs-2000/-. In May 2015 the person died and this property is transfer to his 5 legal heirs. In Dec 2015 his leghisal heirs sold the property each legal heirs receive Rs- 275400 . Which year is taken is base for cost of indexation ?? what is the tax treatment in this question??
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Ankur Singhal

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Ankur Singhal (Expert)
28 December 2015 Dear
In this case base year would be 1981.
The cost of house will be same as the value of property on 01/04/1981.
For this purpose you should refer the collector rate of the area where the property is situated.
The indexation done prior to 01/04/1981 would be ignored.
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