Gifted residential house

Ankur Choudhary (Querist) 27 March 2024 This query is : Resolved
Sir I got a gifted residential house now I want sell it and buy other residential house now I will have to pay tax or not ? My house selling price is 10 lakh rupees.

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Isaac Gabriel (Expert) 27 March 2024
You need to pay tax at the applicaable rate.No exemption could be claimed since it was a gifter property.

Ankur Choudhary (Querist) 27 March 2024
Ok sir I have not any other income source now how much tax I will have to pay ? My house selling price is 10 lakh

kavksatyanarayana (Expert) 27 March 2024
Yes. You have to pay the tax roughly 20% to my knowledge. Better to consult a tax consultant or a CA.

T. Kalaiselvan, Advocate Online

(Expert) 28 March 2024
Since the property was transferred to your name by a registered gift deed, the long term capital gains as applicable to the donor from the date of his purchase, shall be payable by you which would be 20% with surcharge as applicable towards the capital gains.

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