Capital gain tax on inherited property
This query is : Resolved
07 June 2016
I am jaydeep Gadesha. I have query about capital gain tax.
I got 1 kg of gold by will of mother in year F.Y 2015-16. I have sold it for 2700000 In that year only.
My query is what cost should I take for capital gain tax calculation as I also don’t know about when my mother became owner of that gold ( date of acquisition of previous owner is also not available) and what is the cost that she had paid for gold (cost of previous owner is also not available).
If answer is fair market value than which year should I take for fair market value.
I got 1 kg of gold by will of mother in year F.Y 2015-16. I have sold it for 2700000 In that year only.
My query is what cost should I take for capital gain tax calculation as I also don’t know about when my mother became owner of that gold ( date of acquisition of previous owner is also not available) and what is the cost that she had paid for gold (cost of previous owner is also not available).
If answer is fair market value than which year should I take for fair market value.
Rupesh Jain
(Expert)
08 June 2016
you have to take the date, otherwise you have to pay tax on whole amount.
CA.Karan Dawar
(Expert)
09 June 2016
yep, you have to take the date else pay tax on whole amount
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