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Gift Tax for a property

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(Querist)
18 March 2010 My father in law has gifted my wife a plot worth 20 lacs . Now if my wife sells the plot and invest in some flat in delhi . Does she have to pay any tax as such as all the capital gain is invested in a property in the same financial year .
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DR GAURAV GUPTA FCA, FCS, LL.B

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DR GAURAV GUPTA FCA, FCS, LL.B (Expert)
18 March 2010 see there is no gift tax on ur wife but if ur wife will sell it then if ltcg will occur and ur wife invest this in residential house subject to the conditions of sec54f then she will claim the proportionate exemption. BUT IF STCG WILL ARISE THEN NO EXEMPTION WOULD BE CLAIMED
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