Umesh Chandra Prasad (Others) (135 Points)
23 February 2017I have got a vacant landed property which was gifted by father since long. Now with the help of promotor an apartment has been constructed thereon and out of which five flats have been given to me. Now I want to sell two flats. Please let me know how capital gain will be calculated as I am confused about cost of the property.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160322 Points)
Replied 23 February 2017
When were the flats received by you? What was tax treatment at the time of handing over of the plot to builder?
It is correlated to these factors, but rough answer is take circle rate for 5 flats received by you for calculation of LTCG over plot. Any additional amount (market rate) over the sell of two flats can be taken as STCG.
You may maintain the necessary documentation/registration with respect to the gift transaction.
This is when u received properity as gift
Now with the help of promotor an apartment has been constructed thereon and out of which five flats have been given to u
so the date when u received the flats is important and u want to sales them so take purchase prise of that flat
as per recknor when your receive it and ltcg or stcg depend upon the period between buying and selling of flat
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