Advise for Mr. Vijayan
NITIN PUROHIT
(Querist) 21 December 2010
This query is : Resolved
Dear Mr. Vijayan first make a gift deed for tha same property. in that case sec. 41 (1) WOULD NOT BE ATTRACTED. if IT is transferred within 1 year as the son received it IN THAT CASE the short term capital gain would be attracted instead of long term capital gain. cost of acquision would be zero in the hands of son. So calculate the tax as per long term and short term in both conditions.
Devajyoti Barman
(Expert) 21 December 2010
Mr Purohit, you have posted the reply at the wrong place. Please post your reply in the thread where the person has posted his query.
Sri Vijayan.A
(Expert) 21 December 2010
I thank Mr.Nitin Purohit for his suggestion
A V Vishal
(Expert) 21 December 2010
I completely disagree with Mr Purohith since as per Sec.49(1), if a capital asset is acquired by the assessee by any modes prescribed then the period for which the previous owner held the asset should also be taken into consideration in determining the period of holding. Hence, in ur case, it will be more than 3 years. hence, it is a LTCA