Suppose a person say Mr. Y has some property. After his death, a will not in force, all property is to be distributed among his two children. If one of the children pays a lumpsum amount to the other and takes over all the property, how is capital gain calculated in the hands of the son who has received the lumpsum amt.? I believe there is capital gain due to relinquishment.
yes there will be capital gain as he sold got the property by way of inheritence....so the cost will be of the previous owner,,,,it will be a long term or short term cg as per the period of holding of the previous owner....
cost would be 50% of cost to previous employer right??
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
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