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Capital gains in gifted property

Tax queries 372 views 6 replies
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1 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.

 

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On 16 July 2021 at 19:54 Report
Replies (6)
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CA
16895 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.
110 Reply
On 16 July 2021 at 20:09
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CMA
13117 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.
92 Reply
On 16 July 2021 at 20:26
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Chartered Accountant
24588 Points Posted on 17 July 2021
Yes it should be treated as LTCG
129 Reply
On 17 July 2021 at 05:55
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STUDENT
1631 Points Posted on 17 July 2021
Purchase Value on 1999 -have some exception -I think.
pls check.
3 Reply
On 17 July 2021 at 13:22
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2478 Points Posted on 17 July 2021
Indexation will be from 2001 April & it will be LTCG
4 Reply
On 17 July 2021 at 14:36
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Chartered Accountant
24588 Points Posted on 18 July 2021
Yes ...
129 Reply
On 18 July 2021 at 22:58


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