Capital gains

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

19 December 2013 suppose if mr.a has got his share of cash from sale of ancestral property then what would be the effect of this sale and capital gains in b/s and p/l of mr.a?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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19 December 2013 this is a case of inheritance no capital gain tax will be imposable as per sec 47 it is exempted.

in bal cash will increase and capital a/c will be credited as capital intorduced.

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