Rebate in cgt for gifted property
This query is : Open
16 July 2014
Mr. A got a property through his father's will made in 1984. Further, a family settlement was executed in 1996 among Mr. A's family members in which the property was formally declared as Mr. A's property. Mr. A sold the property in FY 2014-15. Query : Can Mr. A get the benefit of cost indexation? Since it was an inherited property there was no cost incurred by Mr. A. Also, cost of acquisition is not available for the previous owner (Mr. A's father). Which year should be considered as the year of acquisition of the property for Mr. A
16 July 2014
SEC 49 AND 47 OF THE ACT, IN THE ABOVE CASE MR A WILL GET THE BENEFIT OF INDEXATION .
2. COST OF AQUISTION AND DATE OF AQUISITION THE PREVIOUS OWNER I.E FATHER WILL TAKEN FOR CALCULATING LTCG IN THE HANDS OF A.
3 IF FATHER HAS AQUIRED PROPERTY BEFORE 1981, THEN VALUE AS ON 1.4.1981 , WILL BE COST OF AQUISITION
2. COST OF AQUISTION AND DATE OF AQUISITION THE PREVIOUS OWNER I.E FATHER WILL TAKEN FOR CALCULATING LTCG IN THE HANDS OF A.
3 IF FATHER HAS AQUIRED PROPERTY BEFORE 1981, THEN VALUE AS ON 1.4.1981 , WILL BE COST OF AQUISITION
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19 July 2014
Thank you so much Sir for your reply. Mr. A takes a long sigh of relief. Thank you.
I have another query. If Mr. A already has 3 properties in his name and then he sells one of them. Is he eligible to get CGT exemption if he invests in another residential house?
I have another query. If Mr. A already has 3 properties in his name and then he sells one of them. Is he eligible to get CGT exemption if he invests in another residential house?
19 July 2014
Thank you so much Sir for your reply. Mr. A takes a long sigh of relief. Thank you.
I have another query. If Mr. A already has 3 properties in his name and then he sells one of them. Is he eligible to get CGT exemption if he invests in another residential house?
I have another query. If Mr. A already has 3 properties in his name and then he sells one of them. Is he eligible to get CGT exemption if he invests in another residential house?
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