Capital gain on transfer

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

16 April 2014 Dear members,
Clarify me!
x and y are brothers and they received the house property by partition from their father. later, X transferred his portion to Y and received 10 lacs (not as a consideration). what is the capital gain impact on it

Rupesh Jain

Rupesh Jain (Expert)
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16 April 2014 in that case cost of acquisition will take of his father cost of this house.
if his father take house from his father then cost of his father .

period will take from current owner for LTCG or STCG

and compute the tax

Querist : Anonymous

Querist : Anonymous (Querist)

17 April 2014 i need some more clarification on applicability of capital gain. Is this an transfer U/s 47