Intellectual Property Rights: Practice and Drafting by Adv Gautam Matani. Register Now!
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Fern (consultant)     27 April 2012

Long term gain on property

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. 


 3 Replies

Vineet (Director)     02 May 2012

Consider Index for 2000 being the original purchase year for entire value

1 Like

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.

1 Like

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.

1 Like

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