Sale of inherited property
This query is : Resolved
13 June 2016
Hello All
I am Sanjay and an accountant. I want your precious guidance.
My client has received the amount on transfer of inherited property in his name in Feb 2016 and he sold the same in March 2016 itself.
There are my 3 questions in this regard:
1. What value I should take in his books of account on account of purchase and for indexation purpose?
2. Can he take the exemption u/s 54 on purchase of another property or not?
3. Whether the amount received on sale of inherited property be treated as long term or short term capital gain?
Pl advise me whether I have to show in his return.
Regards
Sanjay
I am Sanjay and an accountant. I want your precious guidance.
My client has received the amount on transfer of inherited property in his name in Feb 2016 and he sold the same in March 2016 itself.
There are my 3 questions in this regard:
1. What value I should take in his books of account on account of purchase and for indexation purpose?
2. Can he take the exemption u/s 54 on purchase of another property or not?
3. Whether the amount received on sale of inherited property be treated as long term or short term capital gain?
Pl advise me whether I have to show in his return.
Regards
Sanjay
Rupesh Jain
(Expert)
13 June 2016
property value taken as last owner who take the property any another way like your client means who buy the property and take the index cost from buy date to selling date. its long term capital gain. if he buy another property with two years and construction residential property in three year then he take exemption in u/s 54
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