Capital gains
sowmya
(Querist) 05 June 2013
This query is : Resolved
dear Sir,
A independant house property given for development By MrX and (1). got 5 out of 10 flats built. does it attract capital gain or can we claim exemption under sec 54 under recent case law(CIT VS GITA DUGGAL 2013)and if we can claim exemption the plots which Mr X got after development(2), he gited to his sons without consideration, is anything taxable here that is notional consideration.
Pls answer the query second part is important
Thanks
Anirudh
(Expert) 07 June 2013
You please tell what is the monetary consideration that you got for parting with/transferring the 50% UDS to the developer and what did you do with the same?
sowmya
(Querist) 07 June 2013
no he didnt get any monetary consideration from the builder other than the flats, but imp. thing is will he be taxed on the flat which he gifted to his sons
thanku sir
Anirudh
(Expert) 07 June 2013
IF the gift is from relative i.e. father, mother etc., then there is no tax on either the donor or the donee.
However, applicable stamp duty would still be required to be paid while registering the property (flat) in the name of the donee.
