Fern (consultant) 27 April 2012
CAPITAL GAIN? - My father & my auntie (father's sister) jointly bought flat in 2000. Aunt expired in 2008 leaving no child nor husband. So, society transferred 50% share of my auntie and made my father 100% owner. Father expired in 2010 leaving me as only daughter and as 100% nominee. I sold the flat in 2012. Please advise how to treate for capital gain - A) consider index of 2000 for entire value or B) 50% of 2000 index and 50% of 2008 or C) index of 2008 for entire value. Thanks a lot.
Vineet (Director) 02 May 2012
Consider Index for 2000 being the original purchase year for entire value
Sagar Tilak (PROPRIETOR) 17 May 2012
You can consider Index of 2000 for capital gain calculation.
The same issue has been clarified by Bombay High Court in one of its rulings last year.
The case can be strongly argued and claim can be justified before tax authorities.
Roopinder Singh (Sr. Manager) 20 May 2012
Year 2000 has to be considered as base for the cost of acquisition. Because in 2008 there is only share transfer and no monetary transaction.
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