Capital gain and rent consideration for tax purpose

Dear Experts,

I am a salaried person working in private company. I have 3 queries-

1.  My father brought a house in 1992 and we sold the same as plot after demolishing the house in 2023. 

      Which Fair Market Value to consider for indexation calculation i.e. of Plot we sold or the house father              purchased.

2. Also, I am getting rent from my another inherited property(100% share), the property is of commercial use.

While filing the ITR2, whether the rent is to be shown as house property  (section Schedule HP) or any other section being rent from commercial property 

3. Can i transfer online Rs. 5 lack each to my wife and daughter for some investments they want to do. How this will be treated by Law, it is transfer not gift? I I take 4%/annum interest from both will it work? Also, do i need to maintain some books for these purpose. 

  Please help me

Thanking you in advance

 

Replies (1)

1) Cost of acquisition shall be higher of the original Purchase price paid by your father or FMV of the plot as of 1.04.2001.

2) Yes, the rental income will be shown under the head "Income from House Property"

3) The income earned on the investment will be clubbed in your income provided if your daughter is a major then her income from the investment will not be clubbed.

In case of any further queries, kindly mail me at casoravgupta @ gmail.com

Thanks & Regards
CA. Sorav Gupta
(Practicing Chartered Accountant)

 

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