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


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 Batra 5.2k320

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

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Asked: Mar 13 '11 at 12:33

Seen: 2,686 times

Last updated: Mar 14 '11 at 09:08