Long term capital gain

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Rajinder Kapoor (Querist)
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25 August 2020 Hello sir. My mother expired in 2018. Her residential property Acquired in 1976 has been transferred in my name in 2020 being the legal heir. If i sell this property in this year itself ie in 2020 then my que 1. What market value shall be considered to calculate capital gain. Can we consider FMV as of 1-4-2001 to apply CII ? 2. Will the gain be treated as long term gain even if the property was transferred in my name in 2020. Looking forward to your response. Thanks

CA Ankith Jain

CA Ankith Jain (Expert)
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26 August 2020 1. Rightly said, you need to consider FMV as on 01.04.2001 for CII, and 2. The gain will be treated as Long term capital gain.

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