25 December 2015
I have taken possession of a flat in Mumbai after redevelopment in May 2014. This flat was in my mothers name originally and through WILL, I received possession. My questions are a) What will be acquisition price ? b) When can I sell to claim long term capital gain. c) Will this flat considered as second flat for IT purpose ?
28 December 2015
(a) Cost of acquisition will be the cost to your mother. (b) Date of acquisition will be the date on which your mother acquired the flat. I am guessing that your mother had the flat for more than 36 months. If that is the case then you can sell it immediately and it will be long-term gain. (c) The flat will be considered as a second flat if you have any other flat in your name. However, if the flat is kept vacant throughout the year then there will be no taxable income from the flat.
02 January 2016
Mr Sunil, But my mom's flat earlier was on rent. In this case how do I consider cost of acquisition. Flat on rent was purchased in 1961.
CAclubindia
