26 September 2022
Hello Sir/Madam, My father-in-law had constructed house property in 1990, which my husband received through WILL this year (2022) after his sad demise. My husband gifted this property to me, if I SELL this property within a year; what will be considered as Acquisition Date (1990 or 2022) for capital gain calculation? Will it be LONG TERM CAPITAL GAIN or SHORT TERM CAPITAL GAIN ?
26 September 2022
Acquisition date will be 1990 . It's long term capital gains taxable in your husband's hand. Clubbing provisions applicable in case of gift to wife.
26 September 2022
Thank you so much sir for your reply. For saving Long Term Capital Gain Tax, do I need to invest or my husband need to invest in "Capital Gains Bonds" or in new property? Do we need to invest ONLY the "Capital Gain" amount or entire proceed from SALE?