Capital gain tax
This query is : Resolved
18 April 2014
Dear Sir,
I hv gifted a residential house property 2011 by my mother in September 2011 the fair market value was Rs1100000/- the stamp duty is Rs 4500/-. Now I would like to sale the property whose approx value is Rs 1100000/-.Now pls help me by advise whether it is attaracted short term capital gain tax or long term capital gain tax? and how much capital gain tax? This property was inheritted by my mother in 1990
I hv gifted a residential house property 2011 by my mother in September 2011 the fair market value was Rs1100000/- the stamp duty is Rs 4500/-. Now I would like to sale the property whose approx value is Rs 1100000/-.Now pls help me by advise whether it is attaracted short term capital gain tax or long term capital gain tax? and how much capital gain tax? This property was inheritted by my mother in 1990
18 April 2014
on sale cost of property take as pervious owner
your mother cost if your mother take gift or as legal hire then previous owner before you mother .
and you take property in sept -2011 if you are sale today april-14
then you take property less than 36 month so it treat short term capital gain.
profit = 1100000- cost of your mother or cost of owner form your mother take property-exp of tfr= profit, if remain
your mother cost if your mother take gift or as legal hire then previous owner before you mother .
and you take property in sept -2011 if you are sale today april-14
then you take property less than 36 month so it treat short term capital gain.
profit = 1100000- cost of your mother or cost of owner form your mother take property-exp of tfr= profit, if remain
18 April 2014
Agreed with expert Rupesh
18 April 2014
only one issue: as explanation 1(i)(b) to section 2(42A), read with section 49(1)(ii) the period of for which your mother held the house is also to be included in for considering the holding period. Accordingly, you should not suffer from short term capital gains.
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