Cap gains for nri inheritance of shares

Date of acquisition would be the date of acquisition of your ancestor

S 49.[(1)] Where the capital asset became the property of the assessee—

(i) on any distribution of assets on the total or partial partition of a Hindu undivided family;

(ii) under a gift or will;

(iii) (a) by succession, inheritance or devolution, or

[(b) on any distribution of assets on the dissolution of a firm, body of individuals, or other association of persons, where such dissolution had taken place at any time before the 1st day of April, 1987, or]

(c) on any distribution of assets on the liquidation of a company, or

(d) under a transfer to a revocable or an irrevocable trust, or

(e) under any such transfer as is referred to in clause (iv) [or clause (v)] [or clause (vi)] [or clause (via)] [or clause (viaa)] [or clause (vica) or [clause (vicb)] or [clause (xiii) or clause (xiiib) or clause (xiv) of section 47]];[(iv) such assessee being a Hindu undivided family, by the mode referred to in sub-section (2) of section 64 at any time after the 31st day of December, 1969,]

the cost of acquisition of the asset shall be deemed to be the cost for which the previous owner of the property acquired it, as increased by the cost of any improvement of the assets incurred or borne by the previous owner or the assessee, as the case may be."

For exact date you will to check the details of the account.

NOTE THAT FOR THE PURPOSE OF COMPUTATION WE ARE CONCERNED WITH FAIR MARKET VALUE OF THE SHARES AS ON 01.04.1981, we will index this cost using Cost inflation index and indexation will also be done from this date. Read 2nd proviso to S. 48 for more details.

This long term Capital gain is exempt from tax having regards to

S.10(38) any income arising from the transfer of a long-term capital asset, being an equity share in a company or a unit of an equity oriented fund [or a unit of a business trust] where—

(a) the transaction of sale of such equity share or unit is entered into on or after the date on which Chapter VII of the Finance (No. 2) Act, 2004 comes into force; and

(b) such transaction is chargeable to securities transaction tax under that Chapter