16 February 2019
MR. A. ( NRI )SOLD PROPERTY TO B. RS. 1,00,00,000/- AS ON FEB 2019 .. MR. A RECEIVED THIS PROPERTY AFTER HIS FATHER DEAT AS O NOV.2018. HIS FATHER PURCHASES THIS PROPERTY ON 2018.
MY QUERY IS 1) MR. A.WORKED FOR LONGTERM CAPITAL OR SHORT TERM CAPITAL GAINS 2. MR.B HOW MUSH THE RATE OF TDS 20.66% ARE 33.99%. THANKS
18 February 2019
1) If property has been inherited, then the holding period of previous owner also included while calculating capital gain and if it is more than 24 months then it shall be considered as long term capital gain. In this case holding period of Mr. A' father also included, but till it is less than 24 months therefore it shall be short term capital gain in hands of Mr. A. 2) Short term capital gain other than covered use section 111A are chargeable according to applicable tax slab.
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