Sale of property
This query is : Resolved
Dinesh Chandra
(Querist)
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.
K Srinivas, CMA CS
(Expert)
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.
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K Srinivas, CMA CS
(Expert)
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
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K Srinivas, CMA CS
(Expert)
03 October 2017
No tax liability arises for your daughter
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