Capital gain tax

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This query is : Resolved

bhaskarkanjilal (Querist)

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

Rupesh Jain

Rupesh Jain (Expert)

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

Sandeep Dharar

Sandeep Dharar (Expert)

18 April 2014 Agreed with expert Rupesh

Nikhil Kaushik

Nikhil Kaushik (Expert)

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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