capital gain
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 December 2010
what is the treatment of capital gain on sale residential house property which is acquired by the assessee before 2.5 years of sale by inheritance
11 December 2010
If it was acquired by inheritance or by will then, cost of acquisition considered here will be cost to the previous owner..., and i think tenure considered will b 2.5 years and so it will be short term capital gain...... But let some other experts reply tooo.....
Aditya Maheshwari
(Expert)
11 December 2010
For the purpose of indexation holding period will be 2.5 years whereas for the purpose of holding period for deciding long term or short term the periodof holding would be from the time is was held by the previous owner.
Manmohan ACA, CS
(Expert)
12 December 2010
Agree with Aditya sir
period of holding (for determining nature of gain ) = 2.5 + holding period of previous owner.
COA- cost of acquisitions by previous owner
indexation available from Date of acquisition by present holder.
refer sec. 49(1)
period of holding (for determining nature of gain ) = 2.5 + holding period of previous owner.
COA- cost of acquisitions by previous owner
indexation available from Date of acquisition by present holder.
refer sec. 49(1)
12 December 2010
For the method of indexation pl see explanation (iii) to section 48 of the Income tax Act,1961.
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