Capital gains

This query is : Resolved

YOGANANTH KANAKAVELU (Querist)
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19 May 2015 Sir,

One Property is transfer from his mother will, now he is sold the property. Which date should applicable for calculation - Plot purchase date or transfer after Mother's Will

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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20 May 2015 For assets transferred by way of will, cost to the previous owner is taken as the cost of acquisition and period of holding is reckoned from the period of holding for previous owner. So capital gains indexation will be given on the cost of acquisition to your mother but index of the year in which asset was first held by the assessee i.e. the year in which asset was transferred by will shall be used.

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