umesh (prop) 12 January 2012

Capital gain

Hi, I recently got a share in my father's property which he had brought in 1973, now he has gifted it to 4 of our brothers including me, will I have to pay the capital gain tax, if yes how to calculate the tax on capital gain. If it was no tgifted to us and remained with my father will the tax be less or will the capital gain tax be less after he gifted to us, how can we be exempted from the tax please help me.

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3 Replies

C. P. CHUGH (Practicing Lawyer) 12 January 2012

Hi Umesh, Need not worry, there is no tax on gifts received from Father. However whenever you will sell these properties, Long Term Capital Gains Tax will be computed as per provision of Law.

umesh (prop) 23 January 2012

Hi, sir thank u very much for your reply, my father had gifted to four of us jointly ( brothers)now we 4 brothers want to sell the property, how will be the capital gain comes to weather it is less when diveded or will it be less for one person ( any one of us if taken gpa or any way), please suggest me sir.

with regards

Umesh

sandeep gangwar (AUDITOR) 24 January 2012

Dear sir

Any property or gift recieved from parents by way of willingness or heritance, It will not taxable in the hands of Assessee (you) or yor parents. It will be taxable when u will sell this property.......