Capital gains
This query is : Resolved
YOGANANTH KANAKAVELU
(Querist)
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
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
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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