Capital gains

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RAVI SHANKAR K (Querist)
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11 March 2015 the grandfather of the assessee gifted house property to father of assesse in 2004 ... the father of the assesse gifted house property to assessee in 2013 . what is the period of holding of house property and cost of acquisition

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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11 March 2015 Period of holding for current assessee will be reckoned from 2004 i.e. period of holding of immediate previous owner. However cost of acquisition will be cost incurred by grandfather since as per income tax provisions cost of acquisition in case of gift or inheritance will be the cost to the last previous owner who has not acquired property by way of gift or will. So if the grandfather has acquired the property other than by way of gift or will it will be taken into account.

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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11 March 2015 If property is further sold or transferred by the current assessee than index of 2013 will be applied and not of 2004 even though period of holding is reckoned from 2004.

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