Capital gain in case of sale of house property recd as gift
This query is : Resolved
03 July 2013
Please Help me out in the case of Sale of a House Property which is recd as a Gift:
Lets take an example,
Suppose Mr. A is an Individual, and he gifts a House Property to his wife Mrs. A...
Now, Mrs. A sells this House Property to Mr. B above the Cost.. & There arises Short Term Capital Gain...
Now, This STCG will be taxable in whose Hands???
1.) Mr. A's or
2.) Mrs. A's ????
Lets take an example,
Suppose Mr. A is an Individual, and he gifts a House Property to his wife Mrs. A...
Now, Mrs. A sells this House Property to Mr. B above the Cost.. & There arises Short Term Capital Gain...
Now, This STCG will be taxable in whose Hands???
1.) Mr. A's or
2.) Mrs. A's ????
K Srinivas, CMA CS
(Expert)
11 July 2013
It will be taxable in the hands of A because the transfer fro A to Mrs A was without any consideration.
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