Go AD-Free with CAclubindia Pro and get a FREE CCI Coffee Mug. Subscribe Now!

Inherited property - LTCG

12 June 2018

Father inherited 3000 sq. Yard. Plot in 1947. Built house in 1971.Died in 2003.mother inherited, but died in 2014. NOW the inherited {4 patners} want to sell. Will LTCG. BE applicable? Present price may be over 1 crore.

Reply
Follow
Share

4 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (184811 Points)
Replied 12 June 2018

Yes.

First get the valuation of the property arrived as on 01.04.2001 from registered valuer.

Based on that and present agreement value LTCG can be derived.

2 Like

Upgrade to CAclubindia Pro. Subscribe Now!

Sarath Rajendran (Nil) (2791 Points)
Replied 12 June 2018

Yes, this will attract LTCG

Fair value on the date of 1/4/2001 taken as cost of this property

Harpal Sidhu (11 Points)
Replied 20 March 2019

Bayana has been received in this finnancial year, but registered deal will take place next financial year. Now how to account the money received now while filling tax return for AY+2019-20 ?because LTCG WILL happen in in next finnancial year. Please guide on thos issue.

venkata krishna reddy (chartered accountant) (792 Points)
Replied 20 March 2019

Originally posted by : Dhirajlal Rambhia
	Yes. First get the valuation of the property arrived as on 01.04.2001 from registered valuer. Based on that and present agreement value LTCG can be derived.