Capital gains

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Sumeet (Querist)
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22 November 2013 My father purchased a flat in 1999 for Rs. 5.64 lacs & sold it in year 2013 for Rs. 14 lcas & now he want to give this money to me & my sister.

I will use this money for purchase of another flat.

Please let me know the calculations of tax liablities arising out of this for all of us.

Thanks,
Sumeet

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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22 November 2013 Your father needs to pay long term capital gain tax on sale of flat.

The capital gain distriution to you and ur sister is not taxable in your hands as its gift rec to you and ur sister exempted u/s 56(2).

Nikhil Kaushik

Nikhil Kaushik (Expert)
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22 November 2013 there will be a minimal capital gains tax around Rs 8000/-.

So ask him to pay it off. The remaining money he can give to you or your sisters without any tax liability in anyone's hands.

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