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..
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
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