PROPERTY SOLD IN THE JOINT NAME

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This discussion concerns a property originally owned by a father-in-law, later transferred to his children, and subsequently to their wives. The property was sold for 1.40 crore, with the client receiving a 25% share. The core questions revolve around determining the correct date of acquisition and transfer to accurately calculate capital gains, considering the holding period includes that of the original owners.

raghavendra b

raghavendra b (Querist)
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19 October 2024 DEAR SIR,

ONE OF MY CLIENT RECEIVED AMOUNT OF PROPERTY SOLD OF HIS HUSBAND FATHER OWNED PROPERTY (1938). AFTER DEATH OF HER FATHER IN LAW THE PROPERTY KHATHA ENDORSED MADE IN THE YEAR OF 4.12.2012.
THE URBAN DEVELOPMENT AUTHORITY HAS ISSUED TITLE DEED/SALE DEED IN FAVOUR OF HIS CHILDERN MY CLIENT HUSBAND DIED MY CLIENT IS SUCCESSOR OF THE HER HUSBAND SHARE HER NAME INCLUDED IN THE TITLE DEED IN THE YEAR OF 2019.

AFTER DEATH OF MY CLIENT HUSBAND BROTHERS THE TITLE DEED MADE IN THE NAMES OF WIFES IN THE YEAR 7.8.2023

THE PROPERTY SOLD OF 1.40 CRORE MY CLIENT RECEIVED HER SHARE OF RS 35 LAKHS.(25%)

HOW TO DETERMINE THE DATE OF ACQUISITION AND DATE OF TRANSFER OF THE PROPERTY
HOW TO CALCULATE THE CAPITAL GAIN.

PLEASE GUIDE ME

REGARDS

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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19 October 2024 Consider the circle rate of the property as on 01.04.2001 as cost of acquisition.

raghavendra b

raghavendra b (Querist)
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19 October 2024 THANK YOU FOR YOUR QUICK REPLY SIR,

THEN THE DATE OF TRANSFER OF THE PROPERTY TO DETERMINE SHORT TERM OR LONG TERM CAPITAL GAINS

THANK YOU SIR

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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19 October 2024 It will be long term as the period of holding includes the holding period of original owners. (their father/ in law)

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