yashsr (CA) (2285 Points)
12 July 2013A property was purchased in 1991 by one family member who gifted the same to another family member without consideration in 2012. Now, in 2013 the new owner has sold the property.
1) What is the cost for the purpose of capital gains? Will it be cost to previous and indexation benefit will available?
2) What will be the nature, long term or short term?
Haridas Mundhada
(msclasses.in)
(56 Points)
Replied 12 July 2013
1) Cost of acquastion will of previous owner
2) its LTCG
3)But indexation of 2012 should be applied
Thanks
yashsr
(CA)
(2285 Points)
Replied 12 July 2013
| Originally posted by : Haridas Mundhada | ||
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1) Cost of acquastion will of previous owner 2) its LTCG 3)But indexation of 2012 should be applied Thanks |
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3) What will be the period of holding? Will it be 1991-2012 or 1991-2013 or 2012-2013? And from what year to what year will be the indexation?
Haridas Mundhada
(msclasses.in)
(56 Points)
Replied 12 July 2013
1991 to date of sale i.e 1991 to 2013
CAclubindia
