Capital gains on property received by gift

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 January 2014 Sir,

An Assessee recd house property by way of Gift from his widow mother. Now wish to sell it. Now-
1) What will be cost in his hands ?

2) If his holding period since date of gift received is more than 3 years, the chargeablity of capital gains will be long term or short term

3) Rate of tax

Speedy reply of the experts is solicited.

@VaibhavJ

@VaibhavJ (Expert)
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20 January 2014 Hi

Cost of acquisition of the asset shall be deemed to be the cost for which the previous owner of the property acquired it.

Capital Gains will be long term taxable @ 20%

Thx