Capital gain on sale of gifted land

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 June 2012 Dear Expert,

My uncle was received a land situated in urban limits from his brother as a Gift in the month of July'2010. Gift Deed also registered with the Sub Register. Subsequently my uncle was sold that land in the month of April'2012.

We are seeking your advice whether the sale is considering to Capital gain tax. If yes long term or short term.

Thank you in advance.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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05 June 2012 1. The sale is chargeable to capital gain tax.

2. The period of holding shall be ascertained for determining whether the gain is long term or short term.

For this purpose the period of holding of the previous owner shall also be considered.

3. The cost of acquisition shall be the cost for which the asset was acquired by the previous owner.

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