Akula Srinivas (Accounts Officer) (59 Points)
10 March 2015Dear Sir,
Please clarrify my issue
X purchased a Flat worth of Rs. 21 lakhs in 2006. X gifted the same to Y (his father) through gift deed with out consideration in 2008. Y sold that property in 2014 for Rs. 40.50 lakhs.
How much is capital gains and whose hands it is taxable.
please do the needful
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 11 March 2015
As per sec 49(1), CG is taxable in the hands of Y.
Indexed cost of acquisition to be computed with reference to the original purchase (i.e. 2006)
Vishal Goel
(Chartered Accountant)
(1693 Points)
Replied 11 March 2015
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Survey, Search and Seizure under Income Tax Act 1961
CAclubindia
