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)
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
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
no valuation need to be done as if 2001since property purchased in 2002
yes you are correct Mr. giridhar.. the coa will be 4 lakhs
Yes, it will be long term capital gains, as holding period of donor is also taken into account for calculation of holding period, in case of gift.
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