Capital gain
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 May 2012
Is a Property transfered from assesse's Grand-ma is taxable for the assesse???
14 May 2012
Property transferred by a grandmother to the assessee is not taxable in the hands of the assessee.
It will also not be taxable in the hands of the grandmother if the transfer is a gift or in pursuance of a will.
When the assessee sells the property, then capital gain will be applicable in the hands of the assessee.
It will also not be taxable in the hands of the grandmother if the transfer is a gift or in pursuance of a will.
When the assessee sells the property, then capital gain will be applicable in the hands of the assessee.
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 May 2012
Then, on sale of such property, what will be its purchase value?
14 May 2012
The purchase cost shall be the price at which the property was purchased by the grandmother.
14 May 2012
Agree with Expert.
Also take into account that when you are going to sell the property then if the property is long term capital asset then the year of indexation will be the year when the property is possessed by you though you can take the cost of property of previous owner (Grandmother) or value of 1981 whichever is higher.
Thanks
Mihir Doshi
Also take into account that when you are going to sell the property then if the property is long term capital asset then the year of indexation will be the year when the property is possessed by you though you can take the cost of property of previous owner (Grandmother) or value of 1981 whichever is higher.
Thanks
Mihir Doshi
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