Capital Gains in case of gift received
This query is : Resolved
30 September 2009
One of my claint was purchased a plot during the F.Y 2002-03 for Rs.1,50,000.The above said plot was given to his daugher as gift and it was registered for Rs.21,00,000 during the F.Y 2008-09. But the daughter was sold the above said plot for Rs.22,00,000 with in 6 months. What is the capital gains position in case of father and daughter.Kindly given advise.
01 October 2009
yes, it is capital gain in case of transfer by daughter.
In case of father transfer is not taxable by virtue of 49(1),,
in case of Daughter
sale consideration - ---------------22 lacs
Indexed cost of acquisition---------1.5 Lacs
(12 lacs * 632/ 632)
in short no indexation (see note)
---------------------------------- -------
taxable LTCG---------------------- 20.5 Lacs
-------------------------------- ---------
note that
(a)Capital gain Gain shall be long term capital gain , bcoz. if capital asset, which becomes the property of the assessee under the circumstances covered u/s 49(1) the period of holding of the previous owner is to be included
(b) stamp value derived for transfer is irrelevant.
c) Where an asset is acquired through any mode specified in sec. 49(1), then indexation benefit shall be available from the year when the current owner first held the property.
In case of father transfer is not taxable by virtue of 49(1),,
in case of Daughter
sale consideration - ---------------22 lacs
Indexed cost of acquisition---------1.5 Lacs
(12 lacs * 632/ 632)
in short no indexation (see note)
---------------------------------- -------
taxable LTCG---------------------- 20.5 Lacs
-------------------------------- ---------
note that
(a)Capital gain Gain shall be long term capital gain , bcoz. if capital asset, which becomes the property of the assessee under the circumstances covered u/s 49(1) the period of holding of the previous owner is to be included
(b) stamp value derived for transfer is irrelevant.
c) Where an asset is acquired through any mode specified in sec. 49(1), then indexation benefit shall be available from the year when the current owner first held the property.
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01 October 2009
In shott Long Term Capital Gain of Rs. 20.5 lacs shall be taxable in hands of Daughter
01 October 2009
Sir,
Kindly notice,
Short term capital gain Rs.10 lakhs, how was it arrived?. Rs 21 lakhs worth of property gifted to his daughter, the same was sold by daughter for Rs 22 lakhs. Then what is the capital Gain amount in the hands of the daughter.
Kindly notice,
Short term capital gain Rs.10 lakhs, how was it arrived?. Rs 21 lakhs worth of property gifted to his daughter, the same was sold by daughter for Rs 22 lakhs. Then what is the capital Gain amount in the hands of the daughter.
01 October 2009
It IS LONG TERM CAPITAL GAIN OF Rs. 20.5 Lacs [in case of gift i.e setion 49(1) holding period of earlier owner is counted to determine the nature of asset i.e long term or short term ]
But indexation will be allowed from the year when the present owner ( Daughter) got the property
Third- It is registered for 21, 00 000 not sold, and for computing capital gain registered value of gift has GOT NO RELEVANCE
But indexation will be allowed from the year when the present owner ( Daughter) got the property
Third- It is registered for 21, 00 000 not sold, and for computing capital gain registered value of gift has GOT NO RELEVANCE
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