Sale of gifted property

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 September 2014 Dear Sir

I received a property as a gift from brother(which was received by my brother after death of my father thru R Deed).

Now i want to sell this property, pls suggest me on implication of income Tax.

If income tax applicable how it will be calculated.

Pls share your inputs on the same.

Regards
Rahul Gupta
9910260689

CA VISHWAKEERTHI.P.S.

CA VISHWAKEERTHI.P.S. (Expert)
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11 September 2014 You have to calculate No. of years property hold by you from the date of transfer.
If it more than 3 years it treated as Long term capital gain other wise it will be treated as short term.

Calculation of Long term capital gain:

Consideration received - A XXX
Less :
Cost of indexation
i.e., CII of year of sale / CII of previous owner X

Cost of the transferee - B (XXX)

Capitla gain (A-B) XXX

CA VISHWAKEERTHI.P.S.

CA VISHWAKEERTHI.P.S. (Expert)
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11 September 2014 Tax rate - 20 % after deduction your basic exemption limit .

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