Capital gains on sale of inherited property which I got from Grandfather

POSTED BY Karna ON March 6, 2014 8:50 am ONE COMMENT

Have gone through related posts on our forum but couldn’t get exact situation like mine… Kindly assist.

My grandfather acquired a land in 1972. Let’s say he expired in the year 1990. In his will he has bequeathed the same to me. There is no change of name in revenue records but only municipal records after the demise.

Now today if I intend to sell the same in March 2014… My queries are..

1. Indexation benefit for me is from when… 1972 or 1990?

2. If I sell the same in March… And the indexed gain is more than 10Mn can I save LTCG in 2 tranches of 50L one now and the other before September

3. I enter into a sale agreement and receive 50% of it today and remaining in say April and register the sale in April… What will be my options/loss

4. Should I insist to close the transaction in this FY? And insist for all the payment at time of registration and not enter into any sale agreement.

Kindly assist with your views.

One reply on this article “Capital gains on sale of inherited property which I got from Grandfather”

  1. ashalanshu says:

    Dear Karna, the indexation benefit is available to you from 1981. For other queries, please hire a quality CA or Tax advocate as you need to fight out your case for claiming Cap. Gain bond investment spread across 2 FYs. From your query it seems, you already have fair idea of the things. That’s why i’m asking you to take professional help.



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