Capital gain on sale of inherited assets

RAVINDIRAN (Tax Practitoner) (106 Points)

02 March 2017  

In the following:-

- Mr.A got an asset during his family partition on 1999-2000.

- Mr.A died on 2002-03 FY.

- His son registered the assets in his name on July 2016 and sold the asset on next month august 2016.

The Query is:-

1.Whether it is consider to Long term or Short term?

2.What will be cost of acquisition?