Dear Sirs,
I have a query. We are 3 sons to my father and My father has owned a house and he gifted us the house equally to all 3 of us. Now we have decided to construct an apartment in that gifted property by demolish the present building. As we are running short of funds, we have decided to sell one person's share ( ex. I would like to sell my share to an outsider or builder). Our question is this, A property which is gifted just 6months back will attract capital gain or not, when it is sold to someone? Or How much tax do I need to pay?
In case if I have to pay tax. is it possible to return the share of my property to my father and if he sells it from his name. does it avoid the capital gain and just pay only the index value difference.
He bought this property 35 years ago.
Thanks in advance.
by, RK
