Date of acqusition
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 February 2015
Dear experts in one the case, father settled the property two one of the two brothers in 2000 and in turn this elder brother settled this property to his younger brother in the year 2006 and this younger brother settled the same property to his wife in the year 2012.
Now wife is selling this property.
What is the date of acquisition? for the purpose of capital gains tax
pl clarify
Now wife is selling this property.
What is the date of acquisition? for the purpose of capital gains tax
pl clarify
20 February 2015
According to the provisions of income tax law, in case a property is obtained by gift, will or inheritance cost of acquisition and period of holding for previous owner shall be taken into account. It has also been clarified that 'previous owner' means an last previous owner who has not acquired property by way of gift, will or inheritance i.e. by the same mode. Therefore in the given case all the previous owners except father have acquired the property by will or inheritance therefore cost of acquisition to father will be taken into account and period of holding shall also be from 2000 ie. the date of acquisition of father.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Unregistered suppliers utility
- ITDS U/S.194T of Firm
- Difference between Date of Payment and Date of Deduction?
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- URGENT-Eligible leaves being shown as 24 days for 3 years Articleship instead of 156 days in 108
- GST Rate for Catering Services
- Cash balance limit and property purchases limit
- ADDITION OF CHALLAN IN TDS RETURN FORM 140
- Non-Compliance documents have not been submitted by the contractors debited
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
