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https://taxofindia.wordpress.com/2015/12/02/all-about-capital-gains-on-sale-of-gifted-property/
2 comments:
Thanks for providing clarity Manish. Just wanted to know if you can comment on a Gift tax situation below:
A father intends to sell an old property(purchased in 1981) and distribute the sale proceeds equally as gift among 5 family members. For efficient tax planning, he intends to gift an equal share of the property to all 5 family members by including them as co-owners of property before selling it, and sell it soon after so that each gets 1/5th of sale proceeds directly. Here are my questions :
1) Will the sale proceeds be treated as LTCG in the hands of all 5 family members individually although the property will be sold soon after including them as co-owners (Original holding period is more than 3 years in the hands of father)?
2) If yes, can all 5 members individually use sec 54EC limit of 50 lakhs to invest in LTCG bonds like REC/NHAI or use section 54 individually to invest in different properties and claim LTCG exemption?
hi manish gt a question. my granyy gifted me agriculture land in 1982-83.
wt valution should show in my account books,
plz help. im confused
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