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Income tax on property inherited from mother and now sold

Tax queries 299 views 4 replies
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officer
27 Points Posted on 25 February 2021

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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On 25 February 2021 at 12:32 Report
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Student CA IPC / IPCC
89 Points Posted on 25 February 2021
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..
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On 25 February 2021 at 17:00
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17264 Points Posted on 25 February 2021
Adopt FMV of house property as on 01-04-2001 and calculate indexation
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On 25 February 2021 at 17:02
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student
76 Points Posted on 25 February 2021
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.
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On 25 February 2021 at 22:49
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officer
27 Points Posted on 28 February 2021

Please also let me know Formula to apply indexation . What is index value of 2001 and 2021 applicable ?

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On 28 February 2021 at 11:43


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