Capital gains in gifted property

SUMEET .SOLANKI (1 Points)

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.