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LONG TERM CAPITAL GAIN

This query is : Resolved 
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(Querist)
11 July 2010 DEAR SIR,

MY FATHER CONSTRUCTED A HOUSE AND TOOK COMPLETION FROM DEVELOPMENT AUTHORITY IN THE YEAR 1974.

I GOT THE ABOVE PROPERTY THROUGH WILL IN THE YEAR 2009. NOW IN THE YEAR 2010 I WANT TO SELL THE HOUSE. THE GAIN WILL BE TREATED AS LONG TERM OR SHORT TERM.

THANKS.

A.KUMAR
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
11 July 2010 Capital gain is long term. However for the purpose of indexation, cost inflation index of 2009 has to be considered as denominator.
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DR GAURAV GUPTA FCA, FCS, LL.B

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DR GAURAV GUPTA FCA, FCS, LL.B (Expert)
11 July 2010 LTCG WILL ARISE I AGREE WITH WARRIER JI THAT INDEXATION YEAR 2009 WILL BE TAKEN AS BASE BUT IN PUSHPA SOFAT CASE IT HAS BEEN DECIDED THAT ASSESSEE CAN TAKE YEAR OF AQUISITION OF PREVIOUS OWNER IS ALSO AS DENOMINATOR
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CMA KNVV Sri Vidya - Sri Kanth

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CMA KNVV Sri Vidya - Sri Kanth (Expert)
12 July 2010 agree with expert
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Bharath Kumar

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Bharath Kumar (Expert)
12 July 2010 It is LTCG
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