Long term capital gain
This query is : Open
Rajinder Kapoor
(Querist)
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
(Expert)
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.
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
- Tax on Amount transferred in HUF Account
- Nursery business
- Working on Gold wastage during Melting of old gold jewellery
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- TDS on Dashcam rent and allied services
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Section 269ST applicability for capital introduced by partner to his partnership firm
- Intimation under section 245
- ETDS return q4 25-26
- GST input credit on commercial property
- Royalty payments to the Mining Department for procurement of murum - GST input
- HOW TO ADJUST CREDIT NOTE AMOUNT ?
- Import Order Cancelled.
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
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
