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Capital gains in gifted property


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.


 6 Replies

CA ANURAG (CA ) (15467 Points)
Replied 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.

CMA Poornima Madhava (CMA) (12987 Points)
Replied 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.

Sourav (Student) (23826 Points)
Replied 17 July 2021

Yes it should be treated as LTCG

Balamurali Unnithan MS (STUDENT) (1631 Points)
Replied 17 July 2021

Purchase Value on 1999 -have some exception -I think.
pls check.

Mahesh Shah (584 Points)
Replied 17 July 2021

Indexation will be from 2001 April & it will be LTCG

Sourav (Student) (23826 Points)
Replied 18 July 2021

Yes ...

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