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Capital Gains

179 views 4 replies

Darshan Patil

Article

30 Points Joined February 2019

Mr A purchased flats in 2002 at rs 4 lakhs and gifted to his is son B in fy 2016-17 at the time of these gift deed stamp duty paid on 35 lakhs. Now mr B sold these flats in feb 2019 for 67 lakhs. What is cost of acquisition?? 35 lakhs with indextation or 4 lakhs with indextation??? What is capital gain?? Short term or long term??

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Replies (4)

RAMAKRISHNAN R

INCOME TAX OFFICER

1736 Points Joined February 2014

get the stamp duty value of the property as on 01/04/2001. that value will be taken as cost of acquisition and the INDEXATION had to be done according to the revised CII

Giridhar S Karandikar

Team Lead

7558 Points Joined November 2011

any property received by way of gift will etc.. then cost of acquisition will be 4lacs as per section 49 I.e. cost to the previous owner.
no valuation need to be done as if 2001since property purchased in 2002