Tax on selling gifted property
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 October 2013
Sir, My brother wants to gift a property to me so that i can sell it and repay my loan or buy myself a land. If brother sells himself then he will have to pay income tax on gains. Therefore he suggested that he gifts the property and i handle all issues related to income tax on selling it. I want to sell it within week and at the same time want to save income tax. so i'm asking my brother to gift deep between my two kids(minors), myself and my wife(house wife). Therefore i can save something on capital gains after selling it. Is it legally ok
CA Pallav Singhania
(Expert)
24 October 2013
If the property is being gifted to you and the same you sold within 3 years then it will be a short term capital gain on your hands and will be taxed as normal rate..
However, no exemption will be available under this...
However, no exemption will be available under this...
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