Sale of property
This query is : Resolved
03 October 2017
My daughter is a student. She is selling her gifted property after 7 years. What's her tax liability. I bought it for 11 lakhs in 2005. Gifted to her in 2010. Selling this month for 22.5 lakh.
03 October 2017
In Capital gains on transfer of gifted property, cost of acquistion will be cost to the previous owner i.e you. Indexation benefit can be claimed.
Message likes :
1 times
03 October 2017
CII for 2005-06 is 117
for 2017-18 is 272
Indexed cost of acquisition = (272/117)*11 lacs = 25.57 lacs
Sale consideration Rs. 22.5 lacs
Loss = 3.07 lacs
for 2017-18 is 272
Indexed cost of acquisition = (272/117)*11 lacs = 25.57 lacs
Sale consideration Rs. 22.5 lacs
Loss = 3.07 lacs
Message likes :
1 times
03 October 2017
No tax liability arises for your daughter
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Capital gain from sale of house property
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- TDS on Purchase of Immovable Property by NRI from NRI
- Value of property in capital gain
- SFT Cash Deposit in Current Account
- Copyright software
- Multiple trade mark
- When TDS on GST applied
- Before GSTAT- APL-02 Vs APL-04
- TDS APPLICABILITY....../
- Transporter Declaration form
- E-Invoice applicability for new Startup
- Filing of MSME 1 form by companies
- Opting our of sec 44AD
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
