Regarding income tax

Shwetansh (Querist) 07 April 2014 This query is : Resolved
I SELL MY GIFTED PROPERTY NOW , WHICH WAS GIFTED TO ME BEFORE 40 YEARS AGO FROM NOW.
WILL I HAVE TO PAY INCOME TAX ON AMOUNT WHICH I GOT FROM DEAL. IF HOW TO INVEST THAT AMOUNT TO SAFE ME FROM HIGH INCOME TAX ON IT

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ajay sethi (Expert) 07 April 2014
Capital gains from sale of any long-term asset can be claimed as tax-exempt under Section 54EC of the Income-Tax Act by investing in notified bonds within six months of its transfer.

or you can buy another property within the prescribed time frame

Dr J C Vashista (Expert) 08 April 2014
Contact/engage tax consultant/chartered accountant, it attracts the provisions of capital gains and taxable if you do not purchase another property of the value.

T. Kalaiselvan, Advocate (Expert) 09 April 2014
An auditor or a tax consultant conversant with the subject will be of use for proper opinion.

Anirudh (Expert) 09 April 2014
Yes you are liable to capital gains tax.
For working out the cost of acquisition, the cost to the earlier owner would be taken into account and indexation would be applied thereon.

There are certain exemptions available, subject to conditions.

Rajendra K Goyal (Expert) 10 April 2014
Consult your tax adviser and get the various options under long term capital gains tax discussed in your case.

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