18 May 2016
A person owns only two properties viz., a residential apartment and also open residential plot of land, both held for long period. His residential apartment was purchased in 1997 for Rs.6 lakhs. His residential plot of land was purchased in 2001 for Rs.3 lakhs. He gifted his residential flat in May 2015 to his wife by executing and registering the Gift Deed. After registration of the gift deed, he had only the residential plot of land in his name. Later, he sold his residential plot of land in September 2015 for Rs.60 lakhs. In November 2015, he purchased a residential apartment for Rs.60 lakhs. Whether the person will be liable for Capital Gains tax? Please guide in the matter.
CAclubindia
