Capital gains

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

27 March 2015 Ancestral property held by the husband for more than 10 years is transferred to his wife by way of gift in 2014 and the property was sold in 2015

Is it a STCG or LTCG

What will be the cost of acquisition, either gifted amount or cost of acquisition by her husband’s father

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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27 March 2015 For determination of STCG or LTCG period of holding will be determined from the date of acquisition by previous owner i.e. the owner who has acquired the property other than by way of gift or will which is in your case is husband's father. Cost of acquisition will be cost to husband's father however for indexation purposes cost inflation index of 2014 will be used and not cost inflation index of the year in which property was acquired by husband's father. This is by virtue of explanation under section 48.

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Querist : Anonymous

Querist : Anonymous (Querist)

27 March 2015 out of 100% of the asset 50% held by M, he received this through inheritance. Now the balance 50% is with B and D who are the brothers of M.
Now M obtains a 10% share from B and D through settlement but he pays B and D certain amount.
Now M gift the whole thing including his previous share of prop and share of prop obtained from B and d. to his wife.
after an year wife sells the prop

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