About gifted property capital gain ?

This query is : Resolved

Jyoti (Querist)
Follow

02 September 2018 My father purchase a property in 15-11-2006 of 5,80,000 rupee and then he gifted (transfer) me (his son) this property in 14-9-2016 now i am selling this property , now the confusion is this who can take capital gain of this property me or my father under which section ?

Jyoti

Jyoti (Querist)
Follow

02 September 2018 Kindly suggest me , i am confused

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

02 September 2018 You can take capital gains of the property. Cost of acquisitions will be the cost incurred by your father.
What you propose to do to claim exemption from capital gains tax.

Jyoti

Jyoti (Querist)
Follow

02 September 2018 Thankyou sir , i am planning to buy rec bonds ,
Under which section i can take capital gain please tell me ?

Jyoti

Jyoti (Querist)
Follow

02 September 2018 Sir please tell me under which incometax section i can take capital gain of gifted property from my father

K Srinivas, CMA CS

K Srinivas, CMA CS (Expert)
Follow

02 September 2018 Once the property is gifted to you, you become the owner of the property. You are the seller in this transaction and therefore, only you and not your father can use capital gains

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

02 September 2018 Under section 54EC upto 50 lacs you can take exemption

Jyoti

Jyoti (Querist)
Follow

02 September 2018 Thankyou so much sir

Jyoti

Jyoti (Querist)
Follow

02 September 2018 Sir why my ca sir says that the capital gain taken your father what can i say to him for satisfaction ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

02 September 2018 You need to change your CA.

K Srinivas, CMA CS

K Srinivas, CMA CS (Expert)
Follow

02 September 2018 since the property is already gifted to you and i believe this has been documented too that you are the new owner of the property since 14-09-2016. In that case, capital gains will accrue to you and not father. Only you can claim capital gains exemption

K Srinivas, CMA CS

K Srinivas, CMA CS (Expert)
Follow

02 September 2018 Your CA is misguiding you.

Jyoti

Jyoti (Querist)
Follow

03 September 2018 Ok sir thankyou very much for your advice

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now