Sale of inheritance property

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sanjay (Querist)
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10 August 2014 Hello All
I have a question and needs your opinion.
My client has received a amount of Rs.10L out of his share in Dada's property on sale. This amount is taken as his income for taxation? What will be shown in his books of account?
Kindly advice and reply soon.
Regards
Sanjay

K V. Suresh Babu

K V. Suresh Babu (Expert)
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11 August 2014 Check out HUF provisions and link with your case. I hope you can give better tax planning to assessee.

Rupesh Jain

Rupesh Jain (Expert)
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11 August 2014 you have to take value of 1.4.1981

sales value and then take indexation benefit from the year in which you take the property and compute the gain . if period is your holding more than 3 year then long term capilt gain and take indextion benefit otherwise (sales price -cost of assets) profit will
short term capital gain

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