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shares recd as gift,
Shares gifted by my father, i wants to buy residential flat,the whole amount of shares sold , i wants to make payment to seller of flat, is it attracts any income tax liabilities ?
Replies (3)
If the shares sold after 1st April, 2018 (assuming holding period more than 12 months); capital gains liability arises, provided LTCG as after grandfathering is more than 1 lakh.
LTCG taxed at flat 10%.
If I make a whole payment , received from selling of shares to purchase a residential homes, any tax liability
Yes, subject to fulfillment of conditions specified u/s. 54F of IT act.
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