GAIN ON GIFTED ASSETS

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NOTAVIL
32 Points Joined April 2011

 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..

 

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On 18 April 2021 at 17:27 Report
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Chartered Accountant
24588 Points Joined November 2019
Gifted property transfer are not comes under the purview of capital gains. It is exempt
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On 18 April 2021 at 17:40
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1392 Points Joined July 2017
Yes is taxable when the receipent sale it
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On 18 April 2021 at 19:06
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Chartered Accountant
24588 Points Joined November 2019
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
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On 18 April 2021 at 19:24
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NOTAVIL
32 Points Joined April 2011

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

 

 

 

 

 

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On 18 April 2021 at 22:06
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NOTAVIL
32 Points Joined April 2011

I want to know about gain value calculation 

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On 18 April 2021 at 22:06
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2742 Points Joined October 2018
You can claim exemption and also indexing is done from previous owner
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On 18 April 2021 at 22:51
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Chartered Accountant
24588 Points Joined November 2019
Year of sale and purchase of property is required. Please provide the full data
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On 19 April 2021 at 06:13
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NOTAVIL
32 Points Joined April 2011

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

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On 19 April 2021 at 14:34
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Chartered Accountant
24588 Points Joined November 2019
CII of 2020-21 shall be considered for sales consideration and CII for 2000-01 shall be considered for cost of acquisition.
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On 19 April 2021 at 21:08
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2742 Points Joined October 2018
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.
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On 20 April 2021 at 03:59
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39 Points Joined April 2020

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

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On 22 April 2021 at 16:48

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