02 January 2014
SIR, I RECEIVED A APARTMENT (FLAT) THROUGH GIFT DEED MY FATHER (WORTH OF RS.12 LAKHS) IN THE MONTH OF NOVEMBER 2013. NOW I AM SELLING THE SAME FLAT TO OTHER FOR RS.12.50 LAKHS.
PLEASE KINDLY SPECIFY WHAT IS CAPITAL GAIN IN MY HANDS AND % OF INCOME TAX.
02 January 2014
1. Nature of capital gain will depend on the period of holding. For determining the period of holding, the date of acquisition by your father shall be considered.
2. If the period of holding is more than 36 months, then it will be long term capital gain and if it is held for less than 36 months, then it will be short term capital gain.
3. Long term capital gain is taxable @ 20% and short term capital gain is taxable at normal slab rates.
4. In case of LTCG, you can claim exemption u/s 54 if you invest the capital gain in a residential house property.
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