Naveen Kumar (GM - F & A in SAMCO) (41 Points)
21 July 2016Dear Sir
Can anybody provide me the working sheet in excel for long term capital gain on inherited property??
Pl. help me or guide me how to workout the capital gain on inherited property.
Property sold 2500000 and Collector's rate is 1000000.
what to do now???
Re
CA Saurabh Singh
(Practising Chartered )
(974 Points)
Replied 21 July 2016
Hello Naveen,
In case of Inherited property the cost of acquisition shall be the date when the property was acquired and not the date of inheritance.
Secondly the cost of acqusition shall be taken as the cost at which the property was purchased.
Thirdly the cost of improvement shall be the cost incurred by the original owner and the cost incurred by the person after inheritance
CAclubindia
