LONG TERM CAPITAL GAIN
This query is : Resolved
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
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
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.
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
12 July 2010
agree with expert
12 July 2010
It is LTCG
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