Capital gain tax on inherited property

Firstly Capital gains arise only when you sell the inherited property. For this purpose, when you sell the property, u have to include the holding period of the previous owner as well. 

If there are capital gains, u have to invest the amount in a capital gains accoun scheme before filing your returns. This amount can be used for the mentioned purposes upto a maximum of 3 years depending on the nature of the asset sold. 

From your query, i assume that you haven't invested the amount in any capital gains scheme a/c so i dont think you can claim any exemption now.

Mr. Jhony,

For inherent property, You can claim indexation benifit for previous owner also. (Assuming you have claimed)

Time limit for acquiring new asset:

U/s 54              :           Purchase-  1 year back or 2 years forward, Construction- 3 years forward

U/s 54B           :           2 years forward

U/s 54EC        :           6 Months forward

U/s 54F           :           Purchase-  1 year back or 2 years forward, Construction- 3 years forward

If you have not invested within the said period, the exempted capital gain will be taxable in the year in which the above mentioned period expires.

Members Please correct me if I'm wrong..