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capital gain

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(Querist)
06 August 2010 if inherent property is trfd inconsideration one property and Rs. 75 lakh recd what will be tax implication on this 75 lakhs
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
06 August 2010 The cost to th eprevious owner will be ur cost and the difference between the sale cost and indexed cost of acquisition with be long term capital gains taxable @ 20%.

Indexation to be taken from the year from which u held the asset.
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srinath

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srinath (Expert)
06 August 2010 any cost of improvement done by u shall also be (indexed if it is more than 3 years) allowed as deducted
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
06 August 2010 For cost of improvement to be indexed the property must be a long term asset and not the improvement must be done before 3 years.
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Manmohan ACA, CS

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Manmohan ACA, CS (Expert)
06 August 2010 agree

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