Regarding capital gain inherited from father ater his death
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 March 2016
my assessee taken a property after fathers death he has done registery in the name of wife
after registry wife sold this property kindly tell me what is position of capital gain father death in 1990 propetry purchased before 1980 by father kindly tell me answer the following questions
In which year i take a cost
in which year i take a index cost
after registry wife sold this property kindly tell me what is position of capital gain father death in 1990 propetry purchased before 1980 by father kindly tell me answer the following questions
In which year i take a cost
in which year i take a index cost
CA SUNIL K GARG
(Expert)
28 March 2016
Capital gain will be taxable in the hands of wife in the year in which transfer took place i.e. year in which property is being transfred/sold. Formula of calculation of capital gain:-
Sales Consideration
Less:- Cost of asset (Indexed Cost)
Less:- Cost of Improvement (Indexed Cost)
In your case, cost is price paid by father to purchase property. cost will be indexed from the year of purchase or 1.4.1981 which ever is later. so for calculation of indexed cost, use 1.4.1981 indexed value.
Sales Consideration
Less:- Cost of asset (Indexed Cost)
Less:- Cost of Improvement (Indexed Cost)
In your case, cost is price paid by father to purchase property. cost will be indexed from the year of purchase or 1.4.1981 which ever is later. so for calculation of indexed cost, use 1.4.1981 indexed value.
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