Go Ad-Free on CAclubindia with Daily Mobile Updates. Subscribe Now!

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

Reply
Follow
Share

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

Upgrade to CAclubindia Pro. Subscribe Now!

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?