Sale of gifted property
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 September 2014
Dear Sir
I received a property as a gift from brother(which was received by my brother after death of my father thru R Deed).
Now i want to sell this property, pls suggest me on implication of income Tax.
If income tax applicable how it will be calculated.
Pls share your inputs on the same.
Regards
Rahul Gupta
9910260689
I received a property as a gift from brother(which was received by my brother after death of my father thru R Deed).
Now i want to sell this property, pls suggest me on implication of income Tax.
If income tax applicable how it will be calculated.
Pls share your inputs on the same.
Regards
Rahul Gupta
9910260689
11 September 2014
You have to calculate No. of years property hold by you from the date of transfer.
If it more than 3 years it treated as Long term capital gain other wise it will be treated as short term.
Calculation of Long term capital gain:
Consideration received - A XXX
Less :
Cost of indexation
i.e., CII of year of sale / CII of previous owner X
Cost of the transferee - B (XXX)
Capitla gain (A-B) XXX
If it more than 3 years it treated as Long term capital gain other wise it will be treated as short term.
Calculation of Long term capital gain:
Consideration received - A XXX
Less :
Cost of indexation
i.e., CII of year of sale / CII of previous owner X
Cost of the transferee - B (XXX)
Capitla gain (A-B) XXX
11 September 2014
Tax rate - 20 % after deduction your basic exemption limit .
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