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Property

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15 December 2013 i am having a property gifted from my father. in this case what will be its tax consequence? further if i sell the same property then what will be tax application? market value of property is rs1cr. property is long term hold by my father.
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C.A. Mayur J. Raiyani

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C.A. Mayur J. Raiyani (Expert)
15 December 2013 property inherited to you is not taxable at that point of time. It is taxable as LTCG when you sell it. Cost of acquisition is 1981 value or purchased cost (if your father has prch before 1981, whichever is higher)and accordingly indexed value is applied.
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