Capital gain
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 May 2017
The assessee received a Gift of immovable property(Land) from friend worth Rs 29,00,000. during the Ay 16-17.
He pays gift tax on property received as gift under income from other sources.
After six months the assessee sells the Land received as Gift for Rs 35,00,000.
What will be his Capital Gain Tax ?
Will his acquisition cost be taken as Rs 29,00,000 on which he paid tax or the cost price will be the one paid by his Friend when he purchased the land.?
He pays gift tax on property received as gift under income from other sources.
After six months the assessee sells the Land received as Gift for Rs 35,00,000.
What will be his Capital Gain Tax ?
Will his acquisition cost be taken as Rs 29,00,000 on which he paid tax or the cost price will be the one paid by his Friend when he purchased the land.?
04 May 2017
In this case cost of acquisition will be cost of purchase by friend and to determine whether capital gains are short term or long term, period of holding will be reckoned from the friend's point of view.
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04 May 2017
Cost of acquisition will be 29 lakhs.
Period of holding counted from the date of acquisition by friend.
Period of holding counted from the date of acquisition by friend.
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05 May 2017
Rs. 29 lakhs is the cost. Refer section 49(4).
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Querist : Anonymous
Querist :
Anonymous
(Querist)
05 May 2017
Thanks for the reply Sir
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