1. If a property received as gift is sold then what will be the COA?
2. While selling the said property if advance is received in one A.Y (A.Y 17-18) and the sale is completed in another A.Y ( A.Y 18-19) then will the advance received taxed in the hands of the seller in the year it is received?
if yes, which head of income?
if no, then how will it be treated in the year of completion of sale?
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sale of property
Replies (1)
1) If you have received property as gift same will be taxable u/s 56(2)(vii). Cost of Acquisition of that property will be as per section 49(4) i.e. the value which has been taken into account for the purpose of the section 56(2)(vii).
2) Sale of property will be taxable in the year in which transfer took place and not in the year in which advance is received.
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