Capital gains in gifted property

Tax queries 176 views 6 replies
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1 Points Joined July 2017

 

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.

 

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On 16 July 2021 at 19:54 Report
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CA
16895 Points Joined July 2016
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.
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On 16 July 2021 at 20:09
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CMA
13117 Points Joined May 2009
Yes, it would result in long term capital gain. You may avail exemption u/s 54F if you buy a residential property.
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On 16 July 2021 at 20:26
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Chartered Accountant
24588 Points Joined November 2019
Yes it should be treated as LTCG
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On 17 July 2021 at 05:55
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STUDENT
1631 Points Joined August 2017
Purchase Value on 1999 -have some exception -I think.
pls check.
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On 17 July 2021 at 13:22
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2351 Points Joined July 2017
Indexation will be from 2001 April & it will be LTCG
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On 17 July 2021 at 14:36
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Chartered Accountant
24588 Points Joined November 2019
Yes ...
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On 18 July 2021 at 22:58


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