LONG TERM CAPITAL GAIN

This query is : Resolved 

11 July 2010 DEAR SIR,

MY FATHER CONSTRUCTED A HOUSE AND TOOK COMPLETION FROM DEVELOPMENT AUTHORITY IN THE YEAR 1974.

I GOT THE ABOVE PROPERTY THROUGH WILL IN THE YEAR 2009. NOW IN THE YEAR 2010 I WANT TO SELL THE HOUSE. THE GAIN WILL BE TREATED AS LONG TERM OR SHORT TERM.

THANKS.

A.KUMAR

11 July 2010 Capital gain is long term. However for the purpose of indexation, cost inflation index of 2009 has to be considered as denominator.

11 July 2010 LTCG WILL ARISE I AGREE WITH WARRIER JI THAT INDEXATION YEAR 2009 WILL BE TAKEN AS BASE BUT IN PUSHPA SOFAT CASE IT HAS BEEN DECIDED THAT ASSESSEE CAN TAKE YEAR OF AQUISITION OF PREVIOUS OWNER IS ALSO AS DENOMINATOR



12 July 2010 It is LTCG



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