Hi.
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.