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My grandfather purchased a plot from the J&K Government in 1959. In 1970, he gifted the property equally to his three sons. In 2000, my cousin (RD) received his father’s 1/3 share through a registered gift deed. However, the property is still in my grandfather's name. If RD gets the property transferred in 2023 and sells it, will he get indexation benefits?
Yes, RD may get indexation benefit for capital gains tax if the property is transferred through a gift deed in 2023 and then sold. However, he will only get cost inflation benefit from the date of transfer (gift), not from the original 1959 cost. A CA or tax lawyer can guide better. For further legal assistance contact us on our helpline number.