02 August 2013
My father was holding the agri. land of 11129 sq. mtr., rcvd from my grand-father. In 2010, the same land converted to NA land in Aug-10. The same land sold out in Sept-10 to the HUF. 1.What kind of Capital Gain to be considered? 2.which valuation report (as on 01.04.81 OR Aug-10) to be considered for indexed cost of aquisition? 3.how to calculate the indexed cost of aquisition?
02 August 2013
As per Section 2(42A in the case of a capital asset which becomes the property of the assessee in the circumstances mentioned in 15[sub-section (1)] of section 49, there shall be included the period for which the asset was held by the previous owner referred to in the said section
And Transfer between Grand father to Father is covered under Section 49.
Therefore it should be Long Term Capital Gain and period of holding also includes assets laying with your Grand Father
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