Ltcg or stcg
This query is : Resolved
Piyush Patel
(Querist)
02 August 2013
My father was holding the agri. land of 11129 sq. mtr., rcvd from my grand-father. In 2010, the same land converted to NA land in Aug-10. The same land sold out in Sept-10 to the HUF.
1.What kind of Capital Gain to be considered?
2.which valuation report (as on 01.04.81 OR Aug-10) to be considered for indexed cost of aquisition?
3.how to calculate the indexed cost of aquisition?
Pls reply ASAP. Thans N Regards.
1.What kind of Capital Gain to be considered?
2.which valuation report (as on 01.04.81 OR Aug-10) to be considered for indexed cost of aquisition?
3.how to calculate the indexed cost of aquisition?
Pls reply ASAP. Thans N Regards.
CA Kumar Mukesh
(Expert)
02 August 2013
As per Section 2(42A
in the case of a capital asset which becomes the property of the assessee in the circumstances mentioned in 15[sub-section (1)] of section 49, there shall be included the period for which the asset was held by the previous owner referred to in the said section
And Transfer between Grand father to Father is covered under Section 49.
Therefore it should be Long Term Capital Gain and period of holding also includes assets laying with your Grand Father
As per Section 2(42A
in the case of a capital asset which becomes the property of the assessee in the circumstances mentioned in 15[sub-section (1)] of section 49, there shall be included the period for which the asset was held by the previous owner referred to in the said section
And Transfer between Grand father to Father is covered under Section 49.
Therefore it should be Long Term Capital Gain and period of holding also includes assets laying with your Grand Father
Message likes :
1 times
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
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Taxation of crypto futures in India Fy 2026- 2027
- Transfer of Physical Stock Between Two Proprietorship Concerns
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Issuing of delivery challan by seller of goods
- EPF ECR NEW RULES Sep 17th 2026
- 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
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
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
