Hi,
My mother purchased an apartment 2 years ago, for claiming exemption on capital gains arising from sales of an earlier property.
Now she intends to gift the purchased apartment to me. As I hear, the holding period for the property is 3 years, for the capital gains exemption to be valid. So will this execution of gift deed impact the capital gains exemption that my mother claimed?
Thanks and Regards,
Vivek,
Hi Ramkrishnan,
Thanks for that!!
I went through Section 47 as suggested by you, and that has clarified my question.
Now, after the transfer of the property to my name (via gift deed), if I decide to sell it at some point in future, then I would be liable to pay capital gains tax (unless I claim exemption by reinvesting the amount obtained), is my understanding correct?
Regards,
Vivek.
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