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Cabinet approves CGST (Amendment) Bill, 2017

The Union Cabinet chaired by Prime Minister Shri Narendra Modi has given its ex-post facto approval for the promulgation of the Central Goods and Services Tax (Extension to Jammu & Kashmir) Ordinance, 2017 and replacement of the Ordinance by the

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Capital gain

Posted by Madhukeshwar

On March 2015 my father gifted me his three self earned property wherein the 2nd property was mortgage in chit fund (loan taken by a joint account My brother and father) for 95 lakhs. In June 2017 the mortgage property came to auction by court order . We requested d chit fund and took some time and mean while I applied for loan and got sanctioned for 38 lakhs . Since there was a shortage I and my dad decided to sell the 3rd property(gifted property) and pay off the loan. We sold it for 63 lakh . We paid 1% as TDS and 2% for agent to sold it. We made one time settlement with chit fund and paid 57.50 lakh and cleared the loan. And also I closed my loan of 38 lakh. Nothing left in hand. Now my question is do I need to pay capital gain?

Few local advocate told me the transaction of gift deed to you when it was mortgage in chit fund. That is an invalid transaction. At That point of time my father had no rights on it itseems.

I have got the j form , after one month they will give my city survey copy by reducing chit fund name later I will apply for fresh EC copy of 12 yrs.

Kindly advice...

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Updated on : 18/12/2017 08:12:02

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