Capital gain tax

Sashi Kumar (Querist) 09 January 2015 This query is : Resolved
Hi Experts,

My sister had acquired a property in 2000 for 2 lac and now she is gifting the property to me for no consideration. The current value is 30 Lac.

1.)Does my sister have to pay any capital tax?

2.)If I sell the property before 36 months of getting the gift deed will I fall in 20% tax bracket or 30% tax bracket.

Follow Query

Report Abuse

Guest (Expert) 09 January 2015
Dear Author,Better Consult the CA Club of the Same Forum Or CA or Your Auditors For the Best and Proper Guidance Instead of getting MisLead.

Anirudh (Expert) 09 January 2015
If your sister gives the property to you on Gift, neither your sister nor you are liable to any tax. Your sister is not liable to pay any capital gains tax.

In the case of gifted assets, the period of holding of the previous owner would also be reckoned. As such, if the holding by previous owner (i.e. your sister) and by you after you receive the gift, is more than three years, you are liable for Long Term Capital Gains Tax at 20%.

Sashi Kumar (Querist) 09 January 2015
That mean my sister held the property since 2000 and now I get the gift in January 2015 and sell it in 2016 I will be liable for 20% tax. Is that correct.

Anirudh (Expert) 09 January 2015
Yes, your understanding is correct. You are also entitled for the benefit of indexed cost of acquisition while computing the capital gain.

ajay sethi (Expert) 09 January 2015
well advised by MR Anirudh . your sister is not liable to pay capital gains tax for gift of property

Rajendra K Goyal (Expert) 09 January 2015
Agree with the expert Anirudh.

sanjeev kumar goel (Expert) 09 January 2015
Mr NJS Rajkumar alias narsimha if you are not competent for expert advice then what are you doing here in this forum? if you can give your expert advice then give here but please do not insult the experts here in this reputed forum by misguiding the enquirer by saying that either go to the CA Club of this forum or to CA or Auditor etc. I think that all the experts here are well qualified and experienced enough to resolve the issues. CAs are not the only competent authority to answer or to solve the taxation related querries. Lawyers and Advocates are much better legal experts then CAs so dont misguide people here in this forum. Hope you understand. Thanks

sanjeev kumar goel (Expert) 09 January 2015
Mr Shashi Kumar our expert Mr Anirudh has properly and correctly advised you and i am agree with him as my view is same here on this point of querry.

Guest (Expert) 09 January 2015
Dear Author,The Same Forum is having an Excellent CA Club Forum where your Queries and Doubts Related to Taxation Queries would be Excellently Clarified and Guided by the Practising Chartered Accountants it self where there could be Obviously No Mistakes.More Over the Reply is Only to you and it is Up to you to Decide which your Good Self could Prefer would be the Best and It would not Require any Certification As Well.The Excellent CA Club Forum of this Same Forum is Exclusively for these Queries Only.

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now

Similar Resolved Queries :

Ask Query
Unanswered Queries