Capital gain in the year of inheritance
This query is : Resolved
jagdish agarwal
(Querist)
12 May 2015
HI
CAN ANYONE CONFIRM ME FOR SHOWING CAPITAL GAIN CACLULATION IN THE YEAR OF INHERITANCE, INCOME TAX RETRUN.
PLEASE CONFIRM FOR TAXABILITY BY CAPITAL GAIN TAX IN THE YEAR OF INHERITANCE ONLY NOT SOLD DURING THAT FINANCIAL YEAR.
REGARDS
CAN ANYONE CONFIRM ME FOR SHOWING CAPITAL GAIN CACLULATION IN THE YEAR OF INHERITANCE, INCOME TAX RETRUN.
PLEASE CONFIRM FOR TAXABILITY BY CAPITAL GAIN TAX IN THE YEAR OF INHERITANCE ONLY NOT SOLD DURING THAT FINANCIAL YEAR.
REGARDS
CA PARAS BAFNA
(Expert)
12 May 2015
Inheritance is not a transfer so there is no capital gains in the year of inheritance.
.
.
Message likes :
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CA Kanj Goel
(Expert)
13 May 2015
Agree with paras you should read section 47 49 55 of income tax act to get clarification.
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