Tax on gifted property

HI Pankaj

I recieved a flat as a gift from my brother in 2009. He had purchased it in 2003. now if I sell it, should I pay long term capital gains tax or short term capital gains tax? Thanks

Krishna

asked Mar 13 '11 at 12:33 by nairkk 1112


If a property is received as gift or in a family settlement deed, then original date of purchase is used to compute long term capital gains.

So, in your case, 2003 will be considered as purchase year and If you sell it in now, it will be long term capital gain.

answered Mar 14 '11 at 05:29 by pankaj 5.2k320

link
thank you very much
(Mar 14 '11 at 09:08) nairkk

Know someone who can answer? Share a link to this question via email, twitter , or facebook
.

Your answer
toggle preview

Follow this question

Once you sign in you will be able to subscribe for any updates here

Markdown Basics

  • *italic* or __italic__
  • **bold** or __bold__
  • link:[text](http://url.com/ "title")
  • image?![alt text](/path/img.jpg "title")
  • numbered list: 1. Foo 2. Bar
  • to add a line break simply add two spaces to where you would like the new line to be.
  • basic HTML tags are also supported

Tags:

×777
×339
×326
×140
×80
×14

Asked: Mar 13 '11 at 12:33

Seen: 1,974 times

Last updated: Mar 14 '11 at 09:08