CA CS DipIFR (ACCA-UK)
62 Points
Joined October 2017
This will be treated as long term capital gain.
Where an asset is acquired by gift or inheritance, the period of long term capital asset shall be reckoned from the date when the previous owner acquired such asset and the indexation shall be allowed accordingly from the year of acquisition by the previous owner.
So here fall back will be done- Wife holding period is derived from Husband holding period and husband holding period will be original purchase date of ancestral property.
Trust this will solve your query.