02 September 2018
My father purchase a property in 15-11-2006 of 5,80,000 rupee and then he gifted (transfer) me (his son) this property in 14-9-2016 now i am selling this property , now the confusion is this who can take capital gain of this property me or my father under which section ?
02 September 2018
You can take capital gains of the property. Cost of acquisitions will be the cost incurred by your father. What you propose to do to claim exemption from capital gains tax.
02 September 2018
Once the property is gifted to you, you become the owner of the property. You are the seller in this transaction and therefore, only you and not your father can use capital gains
02 September 2018
since the property is already gifted to you and i believe this has been documented too that you are the new owner of the property since 14-09-2016. In that case, capital gains will accrue to you and not father. Only you can claim capital gains exemption
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