Rebate in cgt for gifted property

Raj Kumar (Querist) 16 July 2014 This query is : Resolved
Mr. A got a property through his father's will made in 1984. Further, a family settlement was executed in 1996 among Mr. A's family members in which the property was formally declared as Mr. A's property. Mr. A sold the property in FY 2014-15. Query : Can Mr. A get the benefit of cost indexation? Since it was an inherited property there was no cost incurred by Mr. A. Also, cost of acquisition is not available for the previous owner (Mr. A's father). Which year should be considered as the year of acquisition of the property for Mr. A.

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T. Kalaiselvan, Advocate Online

(Expert) 18 July 2014
You may consult a auditor and take his advise on the issue. The link you have provided has also given you an answer, you may take a second opinion too on the basis of that opinion.