Re : Long term capital gains

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This discussion clarifies the calculation of long-term capital gains tax (LTCG) on a property gifted from father to son and subsequently sold. The cost of acquisition is considered from the father's purchase date, with indexation benefits applicable. LTCG is taxed at a flat 20%, separate from regular income tax slabs, although certain deductions and expenses can be claimed during ITR filing.

praveen

praveen (Querist)
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08 March 2021 Dear Expert,

A open flat has been transferred under gift registration from father to son in the year Dec,2018.. the flat actually bought in the year 2004 price around Rs.4,50,000.00.. Now the flat being sold in the year Feb,2021 month with Rs.30,00,000.00..

Kindly guide me the way to calculate long term capital gain tax and pls confirm can the lcg tax be included in the regular income tax slab..

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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08 March 2021
capital gain=1801328.
20% tax applicable on it. In case of no other income 2.50 lacs can be deducted from it.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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08 March 2021 The cost calculation is like this 4.50lacs*301/113

praveen

praveen (Querist)
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08 March 2021 Sir, can I include the capital gain income in my overall tax slab to claim 80C deductions

praveen

praveen (Querist)
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08 March 2021 and how far can I claim the expenses spent for the flat development

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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08 March 2021 Include expenses on the cost.
Fill ITR form it will calculate tax and allow deduction.

praveen

praveen (Querist)
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08 March 2021 Sir, Can I add capital gains income with other income to include and compute as per the regular income tax slab

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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08 March 2021 No, 20% tax applicable on capital gains.

praveen

praveen (Querist)
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09 March 2021 Thanks sir for spending your valuable time on my queries..

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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09 March 2021 You are welcome.............

CA CMA CS Ram Pavan Kumar Melam

CA CMA CS Ram Pavan Kumar Melam (Expert)
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15 March 2021 It is a long term capital gain. Cost to father shall be taken as Cost of acquisition and CII is available by virtue of case laws. Manjula J Shaw.

My sincere thanks to CA R Seetharaman, who thrown a light on time which is valuable.
Please also view my video https://www.youtube.com/watch?v=BaIW4w9gVUY

praveen

praveen (Querist)
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15 March 2021 Thank you for the support sir

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