Capital Gain Tax on Sale of Parental Property

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  1. jainnaveen40

    jainnaveen40 New Member

    my father aged 82 years has gifted a property in my wife's name in year 2011 for zero consideration..will it be subject to long term capital gain tax since we have sold it this year before march 2014.also till what date we are supposed to deposit the proceeds in capital gain account ( if required) if we have not invested in a new proprty till date
  2. Neha Sharma

    Neha Sharma Active Member

    Yes, long term capital gains would arise in this case and would be subject to 20% Tax.

    However, if this amount is reinvested in a Residential Property, you can claim exemption under Section 54 from tax on Long Term Capital Gains.

    This amount is required to be deposited before filing of income tax returns.

    Have you filed the income tax return of your wife
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