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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If you sell a residential house that you received as a gift, you will likely have to pay capital gains tax on the sale. Unlike a property you purchased yourself, you generally cannot claim exemptions on a gifted property. The tax is calculated based on the original purchase date and cost of the donor, and is typically around 20% plus any applicable surcharge. It's advisable to consult a tax professional or CA for precise calculations and advice.

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 (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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