22 July 2014
My Clients father expired in 1980's leaving behind a commercial property acquired by him in 1960's to his six living children without any will.
In the year 2012 all other 5 siblings have given release deed/settlement deed with out any consideration as love and affection to my client.
With this EC and Patta have given individually on my clients name
My client has now in 2014 sold this property.
Can he take 1980 valuation as Cost of Acquisition?
Can this be considered as long term capital gain considering it as inheritance?
and in case this is a long term capital gain, can we take indexation from the time his father has expired?
if the property becomes the property of the assessee by succession, inheritance , devolution
then cost of aquisition of the assets shall be deemed to be the cost for which the previous owner of the property acquied it. in ur case, value as on 1.4,.1981 shall be the cost of aqusition yes it will be LTCG YES, HE CAN TAKE INDEXATION FROM THE 1.4.1981
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