banner_ad

Capital gains on property received as gift

This query is : Resolved 
Profile Image

Profile Image

(Querist)
01 May 2017 A gifted his residential flat in urban area to his sons B&C. Now B&C want to sell it. On what amount capital gains tax will be paid? The amount on which tax registration fee was paid? or The cost of purchase by A? Would inflationary deductions be available in both scenarios?
Profile Image

CA Shubhanshu Jain

Profile Image

CA Shubhanshu Jain (Expert)
01 May 2017 Gift received by son from Father is not considered as transfer and hence exempt from capital gain tax, but in future when son sells such gifted property then price at which it was purchased by original buyer i.e father is to be taken as purchase value or cost of acquisition.
So, as per given case price at which property was purchased by A is considered as purchase value.

As far as inflationary deductions are concerned as such no specific deduction is available but purchase value or Cost of acquisition is to be indexed so that it covers inflation also and indexed cost of acquisition ios to be taken
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
12 May 2026
Accounts Executive

Nafa Group

Mumbai

B.Com

View Details
Company
03 May 2026
Senior Chartered Accountant

Nirmal Jain & Co

New Delhi

CA

View Details
Company
14 May 2026
Financial Analyst - Remote Finance Expert

HiringBridge

Ahmedabad

CA

View Details
Company
18 May 2026
MIS Executive

Primarc Pecan Retail Limited

Mumbai

B.Com

View Details
Company
ARTICLESHIP 17 May 2026
CA Article /Trainee

Malik Sunil & co

New Delhi

CA Foundation

View Details
Company
ARTICLESHIP 28 May 2026
Accounts, Audit & Compliance Executive

Shyam Joshi & Associates

Pune

B.Com

View Details
Company
22 May 2026
Sr. Financial Analyst - Consolidation

Search Synergy

Mumbai

CA

View Details
Company
22 May 2026
U.S. Financial Reporting & Consolidation Manager

Karia Overseas

Ahmedabad

CA

View Details