Capital gain on gifted property
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 October 2015
My grandmother bought a piece of land in 1998. She expired i in 2014 and my mother inherited it through the the will in 2014. Then she gifted me (her son) in 2015. Can i sell the land and avail of ltcg or will it be a short term gain ?
Thanks
Thanks
Amol S Joglekar
(Expert)
12 October 2015
sec 49(1) :Where the capital asset became the property of the assessee—
(i) on any distribution of assets on the total or partial partition of a Hindu undivided family;
(ii) under a gift or will;
(iii) (a) by succession, inheritance or devolution, or
so? Cost to previous owner as ell as period of holding to previous owner
yours is Long Term Capital Gain
(i) on any distribution of assets on the total or partial partition of a Hindu undivided family;
(ii) under a gift or will;
(iii) (a) by succession, inheritance or devolution, or
so? Cost to previous owner as ell as period of holding to previous owner
yours is Long Term Capital Gain
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