Short or long term capital gain
My father purchased property in 1980 After his demise on 1991 myself (daughter) and my mother inherited property By 2015 my mother settled her share of 50% through settlement deed to me On the same year I sold out the property I will landup in short term or long term capital? Since my mother gave me her 50% share through settlement deed without any consideration.
Asked 8 years ago in Capital Gains Tax
Long term with date of acquisition 1980
The gain will be long term capital gains.
Dear Sir,
No it will not be a Short Term Capital gain but will be a Long Term Capital gain and the date of acquisition shall be 1980.
You can also very well claim Indexation on the whole property value.
Trust this clarifies your query.
Feel free to call back/ get back in case of further clarifications.
Thanking You.
Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP.
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