Long term capital gain
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 July 2015
My father purchased a property in ghaziabad in 1981 for Rs. 18000 now he sold that property in Nov.14 for Rs. 7600000 and he purchased a property in Gurgaon in the name of me and my wife for Rs. 7000000. Can you plz tell me what will be the long term capital gain on this transaction and what is the tax liabilities on this transcation
13 July 2015
As the property is purchased in 1981 your father has the option of taking fair market value as on 1-4-81 as cost of acquisition for the purposes of indexation. However even though he invested Rs. 7 lac in new property in your and your wife's name there is considerable doubt whether he can claim exemption from capital gain since any property purchased in the name of other person will qualify for capital gain benefit or not is a highly debatable one.
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