Dear Sir,
Please clarrify my issue
X purchased a Flat worth of Rs. 21 lakhs in 2006. X gifted the same to Y (his father) through gift deed with out consideration in 2008. Y sold that property in 2014 for Rs. 40.50 lakhs.
How much is capital gains and whose hands it is taxable.
please do the needful
As per sec 49(1), CG is taxable in the hands of Y.
Indexed cost of acquisition to be computed with reference to the original purchase (i.e. 2006)
Thank you very much
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