Capital gains on sale of property

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 November 2016 I had a flat gifted to me by mother. The share of gift was 50% in the flat. She was the only owner of the flat till the time she gifted me half share. We had also registered the flat. Now we have sold the flat and received the sales proceeds. I have a query whether I will be eligible for Capital gains tax in the gifted property and will have to invest in some other property in order to save Capitals gain tax. The gift deed was entered in 2010 and flat was sold in 2016.

Expert : Anonymous

Expert : Anonymous (Expert)

12 November 2016 Yes, you are liable to pay tax on 50% share of the LTCG if any , unless u claim exemption . But u will get the indexation benefit 50% from the year in which the property acquired by your mother .

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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17 October 2021 Yes, you can save the tax by investment of the capital gain amount in any residential house property (purchased within 2 years) u/s. 54 or by investment in NHIA/REC capital gain bonds (within 6 months) u/s. 54EC...

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