Cliff (Nautical Consultant) 15 April 2013
Dear Sir,
I inherited my fathers house upon his death in Nov 2010. Pls advice if this will be the date of aquisition for calculating capital gain tax or should I consider the date my father bought the house that is in 1982. Please also advise what the term cost of transfer means.
Manish Udar (www.Mehnat.IN) 15 April 2013
date of original acquisition
R RAJAGOPALAN (ADVOCATE) 15 April 2013
If it was a routine inheritance on the father's demise, the date of acquisition will be the date on which your father had acquired it, ie; 1982. This will be beneficial to you, as you can claim indexing from 1982.
Cost of transfer means any legitimate expenditure, such as brokerage if any paid,the transferor incurred wholly and exclusively to effect the sale.
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