Want know the section under which my transation fall down

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This query is : Resolved

Jyoti (Querist)
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02 October 2019 Dear Sir/Mam,
I am the son of my father . My father purchased a property in november , 2006 and then gifted to me in november , 2016 by transfer deed of the property and recently in september , 2018 i sold this property .
My questions are below :
1) who can taken the money of that property my father or I ?
2) If i then under which section of income tax i recieve that money ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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03 October 2019 1 You can take the money.
2 You are the owner of the property so you can receive the money pay capital gains tax on the sale.

Jyoti

Jyoti (Querist)
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03 October 2019 Dear sir ,
According to incometax department ; Under which section this provision is able , kindly tell me ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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03 October 2019 Refer capital gains provisions of income tax Act.

Jyoti

Jyoti (Querist)
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04 October 2019 Is this transaction under 56(2) (5) ?? ,i got this information during seach on google

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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05 October 2019 No it will not fall under the above section. Gift from relatives is exempt from tax. Property in your name you have to pay capital gains tax.

Jyoti

Jyoti (Querist)
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05 October 2019 Dear sir ,
Is their by indexing capital gain tax is applicable then i pay ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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05 October 2019 Yes indexing capital gains applicable.

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