CAPITAL GAINS RECKONING PERIOD AND OTHERS
This query is : Resolved
06 May 2023
A father and son bought a house property in Mumbai together in 2007. Now Son wants to gift his portion of ownership to Father. Whether capital gains will apply in this case?
After the gift Father wants to sell the property. Assuming that Son has gifted his ownership to his Father in 2023 and Father has sold the property in 2023 itself. Whether a portion of the sold property (i.e gifted by his Son) the Capital Gains would be short term capital gains or long term capital gains, and another portion of sold property owned by Father would be Long term Capital Gains. This may be clarified
The third query is since Son has transferred his part of ownership by gift in 2023, whether Cost Inflation Index would be reckoned from 2007 or 2023 in respect of the gifted ownership property
After the gift Father wants to sell the property. Assuming that Son has gifted his ownership to his Father in 2023 and Father has sold the property in 2023 itself. Whether a portion of the sold property (i.e gifted by his Son) the Capital Gains would be short term capital gains or long term capital gains, and another portion of sold property owned by Father would be Long term Capital Gains. This may be clarified
The third query is since Son has transferred his part of ownership by gift in 2023, whether Cost Inflation Index would be reckoned from 2007 or 2023 in respect of the gifted ownership property
06 May 2023
1. No. being relative.
2. LTCG.
3. 2007.
2. LTCG.
3. 2007.
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