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Short term capital gain query

Tax queries 140 views 2 replies

My Client Acquired Residencial Land by Gift from his son as on 16-11-2016. Purchase value is 0 (Zero) and sold the property as on 15-02-2017 for Rs 6300000  (STCG) and Invested the same amount in Capital Gains scheme as on 30-03-2017. What is the calculation of tax or any exempt u/s 54. Please solve this query

 

Venkatesh 

9394 283848

Replies (2)
What is the acquisition value to the son ??
As in the case of sale of property which is acquired by gift,will etc. the cost to previous owner will be the cost of purchase to the transferor.


& Yes, it may be a long term capital gain because the time duration of holding the asset can be taken from the date when the son acquired the land.


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