Dear sir/madam
one of my clients Father died on
January 2018, later his son's sold the property on 02/01/2020, while calculating the CAPITAL gain
1.whether we have to take INDEXATION From the period of holding of asset by the previous owner.
2.Father acquired Land in FY 1978
3.Now my doubt is , whether we have to take indexation from 2001 or 2018-19 (year of death of Assesses father)
Thank you
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CAPITAL GAIN ON INHERITED PROPERTY
Replies (3)
Take indexation from 2001
Yes, in case of inheritance the indexation benefit shall be taken from the year in which the property is held by the previous owner. In your case it shall be 2001.
You have to take FMV as on 01.04.2001 and indexation also from F.Y 2001-02
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