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.
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Capital gain
Replies (2)
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??
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