Capital gains in gifted property

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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.

 

Replies (6)
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.
Yes, it would result in long term capital gain. You may avail exemption u/s 54F if you buy a residential property.
Yes it should be treated as LTCG
Purchase Value on 1999 -have some exception -I think.
pls check.
Indexation will be from 2001 April & it will be LTCG
Yes ...


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