What is tax implications on house property inherited from mother who bought it in 1950 and now sold by us in Feb 2021? We inherited it in 2018.
What indexation is applicable?
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Income tax on property inherited from mother and now sold
Replies (4)
Quick Summary
Yes indexation can be claimed from year of first purchase (as per a decided case)
In this case as purchase is before 2001 you can take indication of 2001..
In this case as purchase is before 2001 you can take indication of 2001..
Adopt FMV of house property as on 01-04-2001 and calculate indexation
Cost of acquisition for previous owner will be the cost of acquisition for the present owner.
as the property is bought before 2000-01, take market value (stamp duty value) as cost of acquisition. calculate indexation.
as the property is bought before 2000-01, take market value (stamp duty value) as cost of acquisition. calculate indexation.
Please also let me know Formula to apply indexation . What is index value of 2001 and 2021 applicable ?
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