Tax on gifted property

nairkk 1
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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

gift-deed residential-property long-term-gains capital-gains ltcg income-tax
1 Answers

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.

Pankaj Batra5212

thank you very much

nairkk•
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