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
Replies (1)
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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