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CAPITAL GAIN QUERY

03 July 2018

if a person gets property from his father, at the time of sale, will such property be indexed as per year of transfer to son or, year of acquisition from father

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4 Replies

CA Ankit R Momaya (Partner at Bhat Momaya & Associates) (2319 Points)
Replied 03 July 2018

Inedxation will be available from the date of acquisition by father

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Yogesh Pandey (144 Points)
Replied 03 July 2018

correct answer by @ ankit for more read case law CIT VS. Manjula J. shah (Bombay High court)

CA Ankit R Momaya (Partner at Bhat Momaya & Associates) (2319 Points)
Replied 03 July 2018

Yes, agree with Mr. Yogesh.

J S BHAVSAR (CONSULTING) (1288 Points)
Replied 03 July 2018

Some Debt MF Long Term Capital Gain has arised after 3 years. Which section of ITR2 should we enter the gains in Schedule CG so that we get 20% tax on indexation?

1) Which Line I should enter the sale proceed amount of my MF Debt fund? Total credit amount of unit redemption?

2) Where should I enter Cost of acquisition with indexation? Which section and which line?