ASSESSEE GET ONE LAND AS GIFT FROM HER FATHER IN LAW IN 2004. THE GIFT DEED WAS REGISTERED. NOW IN 2014 SHE SOLD OUT THE LAND AT RS.8,50,000/-. IS IT CONSIDERED AS CAPITAL GAIN ? IS SHE LIABLE TO PAY INCOME TAX ?
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Capital gain on gifted property
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YES...
COA AND DATE OF AQUISITION WILL BE COA AND DOA OF previous owner. INDEXATION CAN ALSO BE TAKEN FROM DATE OF AQUISITION OF PREVIOUS OWNER...
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