Long term capital gains on inheritance
This query is : Resolved
07 May 2018
A Property had been purchased in joint name of mother(A)(50%) and 2nd son (B)(50%) and the 3rd son was nominee (C). The parents have expired last to last year. Now the property is in redevelopment and now there will be additions of the other 2 sons name i.e. the eldest (D) and youngest (C). After addition of 2 names the share of each son will be 1/3rd. Now for second son (B) will the cost of acquisition be 50% or 1/3rd and whether will it be considered as inheritance.
07 May 2018
Since B is already a co-owner with his mother and is still alive, cost of acquisition remains 50% for him. As regards inheritance , you may take legal opinion.
07 May 2018
Mother is not alive. Earlier it was 50%, now it will be 1/3rd after adding two names of sons
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