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Capital gain - period of holding
father transfer property to son 2020 december ,father purchased property 2010.Now son sold property to other person at January 30 what is the period of holding ? whether LTCG or STCG
Replies (3)
In my opinion, LTCG should be applied as period of holding would be counted from 2010 due to applicability of Cost to Previous Owner Concept only if father has gifted the property or son gets property in case of will or inheritance
Presuming father gifted property to son , cost of acquisition and date to son would be that of father's date and cost of purchase. That is donor's date cost would be donee's.
Is capital gain tax applicable for amount received from developer for surrender of rental room/flat? Father occupied room in 1942 at Rupees 5/- only. Amount to be distributed surviving family members. Mandate executed in favour of two members of the family. Who has to pay the tax? All are senior citizens
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