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CAPITAL GAIN ON INHERITED PROPERTY


GANGI NAIDU YANAMANDALA   26 May 2020

GANGI NAIDU YANAMANDALA

 2 likes  106 points

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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

avater

Komal Barapatre   26 May 2020

Komal Barapatre

 10 likes  89 points

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Take indexation from 2001

avater

Kiran Hathalia   26 May 2020

Kiran Hathalia

 34 likes  666 points

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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.

JP SHARMA (Employee)     27 May 2020

JP SHARMA
Employee 
 3 likes  33 points

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You have to take FMV as on 01.04.2001 and indexation also from F.Y 2001-02


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