money from sell of property as gift??

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for ebay

70 Points Posted on 14 June 2018

suppose Mr A is a super senior citizen and has sold his property for 24 lakhs.

He has a brother-B,
son-S,
daughter-D and
sons wife(daughter in law of A)-DL

now can "A" give this 24 lakhs to. B, D, S, DL (4 lakhs each that is 16 lakhs)

q1.....can B, D, S, DL spend thus money in anyway they like...or they need to invest this money in property only.

q2.....is gift deed is also necessary

q3....also how to calculate capital gains...if cost of property is unknown (property bought in 1920s)

Replies (5)

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

121543 Points Posted on 14 June 2018

1. Any way they like....... because LTCG tax liability rests on Mr. A.

2. Single Gift deed is OK for all.

3. Evaluate value of the property as on 01.04.2001, from a Registered Valuer, that can be taken as COP as on 01.04.2001. Index the COP to the date of sale, to evaluate LTCG.

for ebay

70 Points Posted on 14 June 2018

thank you sir for the reply...

one more thing .. sir i earn by getting commision from builder by helping him sell flats...

q1...which itr do ineed to file for tax purpose...

and for fy 2017-18 i got 2 lakhs by selling flats.. and from apr 2018 till date i got 80 thousand... the builder will now give the total amount that is 2.80 lakhs.... so can i deposit the whole amount in bank now.... and file itr for 2017-18 as 2 lakhs..although i got the actual money now(total sum)