CAPITAL GAIN ON HOUSE RECEIVED VIA GIFT & SOLD SUBSEQUENTLY

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If you receive a house as a gift from your mother, who inherited it from your father, and then sell it shortly after, you can still claim capital gains tax benefits. Your acquisition cost will be the higher of your father's purchase price or the fair market value on 1st April 2001. The holding period for indexation benefits starts from your father's date of purchase.

AMANDEEP

AMANDEEP (Querist)
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22 July 2023 The assessee (Son) receives a house Via Gift Deed from mother( Inherited by mother from her husband in 2003 after his death) & sells the same after a gap of one week in 2023 July.

Will the assessee receive benefit of Indexation in this case ? and what will be his acquisition cost & holding perod ?