Capital gains in gifted property

445 views
User Avatar

21 Points Posted on 16 July 2021

 

My dad had gifted me a commercial shop property in 2020 (15/09/2020) which he had purchased in 1999 now i want to sell the property in 2021.Will this attract capital gains tax as this is short term selling and if yes can i take deductions by purchasing a residential property.

 

0 Reply Share Follow Topic
On 16 July 2021 at 19:54 Report
Replies (6)
Quick Summary
When you receive a property as a gift, the holding period for Capital Gains Tax purposes starts from when the original owner purchased it. Therefore, selling a gifted property, even if you received it recently, will likely be treated as a long-term capital gain. You may be able to claim exemptions, such as Section 54F, if you reinvest the proceeds into a residential property.

User Avatar

CA
9168 Points Posted on 16 July 2021
It will be long term capital gain. period of holding on case of gifted property will be from the date of purchase of previous owner who gifts that property.
Reply
On 16 July 2021 at 20:09
User Avatar

CMA
9106 Points Posted on 16 July 2021
Yes, it would result in long term capital gain. You may avail exemption u/s 54F if you buy a residential property.
Reply
On 16 July 2021 at 20:26
User Avatar

Chartered Accountant
16188 Points Posted on 17 July 2021
Yes it should be treated as LTCG
Reply
On 17 July 2021 at 05:55
User Avatar

STUDENT
1120 Points Posted on 17 July 2021
Purchase Value on 1999 -have some exception -I think.
pls check.
Reply
On 17 July 2021 at 13:22
User Avatar

1175 Points Posted on 17 July 2021
Indexation will be from 2001 April & it will be LTCG
Reply
On 17 July 2021 at 14:36
User Avatar

Chartered Accountant
16188 Points Posted on 18 July 2021
Yes ...
Reply
On 18 July 2021 at 22:58

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. Residential status for overseas students visitin
  2. Capital Gains Tax
  3. LTCG 112A and business loss
  4. FAST-DS 2026 applicability: foreign employee share
  5. NRI Property Sale in India: TDS Rates and Key Comp
  6. Clarification on September 2026 PF Calculation for
  7. DRC-03 interest paid under CGST/SGST instead of IG
  8. GSTR1 amendment Bulk bills
  9. Capital Gain on Sale of Gold
  10. GST SALES RETURN MISSING 2025-26 FY

More recent discussions | Post

Related Topics :

Loading

Latest Job Openings

View all
Company
15 October 2026
Senior Accountant

Continental Belting Pvt Ltd

Mumbai

B.Com

View Details
Company
ARTICLESHIP 01 October 2026
Articled Assistant

KPSN & Associates LLP

Chennai

CA Inter

View Details
Company
ARTICLESHIP 18 September 2026
Industrial Trainee

Twenty Point Nine Five Ventures Private Limited

Noida

CA Inter

View Details
Company
Featured 03 October 2026
Accountant

A P Lodha and Associates

Jalna

B.Com

View Details
Company
07 October 2026
Senior Account Manager

Amplio Invest

Mumbai

M.Com

View Details
Company
05 October 2026
Senior Accountant

Vision IT Peripherals Pvt Ltd

Mumbai

B.Com

View Details
Company
Featured ARTICLESHIP 06 October 2026
Semi Qualified

AJAY SINGH AND CO LLP

Thane

CA Final

View Details
Company
14 October 2026
Asst. Manager/Dy Manager (Costing)

manufacturing

Pune

CMA

View Details