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GAIN ON GIFTED ASSETS

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RAHUL VERMA

NOTAVIL

27 Points Posted on 18 April 2021

IN UNION TERRITORY CHANDIGARH

SALE OF GIFTED PROPERTY BY MOTHER TO DAUGHTER WHICH IS ALSO RECEIVED TO MOTHER BY HER MARRIED SISTER VIA 'WILL" IN 2016.

IS CHARGEABLE TO TAX UNDER CAPITAL GAIN???

IF YES WHAT WILL BE INDEX VALUE AND CAN CLAIM EXEMPTION U/S 54 OR 54EC..

Replies (11)

Quick Summary

This discussion explores whether selling a gifted property in Chandigarh incurs capital gains tax. The consensus is that while the gift itself isn't taxable, capital gains will arise when the recipient (the daughter) sells the property. The calculation of gains involves considering the original purchase cost and applying indexation from the date the property was first acquired, or its fair market value as of April 1, 2001, if purchased before that date. Exemptions under Section 54 or 54EC may also be applicable.

CA. Sourav Sarkar

Chartered Accountant

16188 Points Posted on 18 April 2021

Gifted property transfer are not comes under the purview of capital gains. It is exempt

ajeet singh

1064 Points Posted on 18 April 2021

Yes is taxable when the receipent sale it

CA. Sourav Sarkar

Chartered Accountant

16188 Points Posted on 18 April 2021

It is a inheritance property so capital gains are not accrued. But if daughter sells the property then capital gains will arise in the hands of daughter

RAHUL VERMA

NOTAVIL

27 Points Posted on 18 April 2021

Yess property sells by daughter in 50 lacs then what will be the value of gain

RAHUL VERMA

NOTAVIL

27 Points Posted on 18 April 2021

I want to know about gain value calculation

Ankit Neema

1359 Points Posted on 18 April 2021

You can claim exemption and also indexing is done from previous owner

CA. Sourav Sarkar

Chartered Accountant

16188 Points Posted on 19 April 2021

Year of sale and purchase of property is required. Please provide the full data

RAHUL VERMA

NOTAVIL

27 Points Posted on 19 April 2021

Sale by daughter in f.y. 2020-21 of rs.90 lacs puchase by fist owner in f.y. 2000-01 in rs.1lakh she (i.e.mausi of daughter) gave property to his sister(i.e.mother of daughter) via will in 2014-15 and mother transfer the same via gift to her daughter then what will the capital gain

CA. Sourav Sarkar

Chartered Accountant

16188 Points Posted on 19 April 2021

CII of 2020-21 shall be considered for sales consideration and CII for 2000-01 shall be considered for cost of acquisition.

Ankit Neema

1359 Points Posted on 20 April 2021

As the property purchase before 1.4.2001 then you need to FMV as 1.4.2001 as cost of acquisition or actual cost whichever is more , you can take as cost of acquisition.

Naresh B Jumani

29 Points Posted on 22 April 2021

Dear Friends,

My mother bought a flat and left it as an inheritance to the 4 children. My brothers/sister gave their share in it to me as a gift/release deed. Now what happens when I sell it.?

Naresh B Jumani