Cost of Acquisition

[Vikas Malhotra]

Dear All,

I have a query regading cost of acquisition for Capital gain. According to will, a man had tranfer his house to her wife but she cannot sell the property. After the death of wife the property can be sold by 2 brothers. If the house is sold by sons then 1/7th of the sale proceed will be given to her daughter.

 

Is this be included as cost of acquistion in the hand of sons...

[CAGOPALJI AGRAWAL]

No not at all as it is just the direction in the will for sharing the propery or the benefits derived from the property.

AI Summary

Capital Gains Query: House from Will Can't Include Sale Distribution as Cost of Acquisition for Sons A query was raised about the cost of acquisition for capital gains concerning a house transferred through a will. The house was transferred to a wife with a condition that she cannot sell it. After her death, the property can be sold by her two sons, with 1/7th of the sale proceeds to be given to her daughter. The question was whether this distribution should be included as the cost of acquisition for the sons. The response clarified that it should not be included, as it is merely a directive in the will for sharing the property's benefits.