Capital gain on sale of inherited properties

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Vinay Kidangan (Querist)
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02 July 2011 My father purchased a property in 1973 for 1 lakhs, he expired in 1996, the property was transferred by inheritance. I sold it in 2011 . The fair market value on 1981 was 3 lakh.I would like to know what will the cost inflation index period be for me , whether it will be as on 1/4/1981 or the day it was transferred to me? Also i want to know, on which amount the index rate is applied the fair market value on 1981 or cost of acquisition incurred by my father?

CA KRISHNA KUMAR DARUKA

CA KRISHNA KUMAR DARUKA (Expert)
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02 July 2011 The indexation benefit will be available to you on fair market price of the property as on 1.4.1981 because in case of inheritance you date of acquisition will be date of acquisition of your father.

Vinay Kidangan

Vinay Kidangan (Querist)
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02 July 2011 So indexation will be 300000*711/100 rite ?
Is it any chance of indexing in rate of 1996 ( year of inheritance)? Ie 300000*711/305 ?

CA KRISHNA KUMAR DARUKA

CA KRISHNA KUMAR DARUKA (Expert)
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03 July 2011 Indexation is allowed from the fair market price of 1.4.1981 only.

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