Capital Gain Tax on Sale of Parental Property

Share
Share This Thread
  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
     
Draft saved Draft deleted
Loading...
Similar Threads Forum Date
Capital Gains on HP Sale Income Tax May 4, 2017
CAPITAL GAIN TAX ON INDUSTIAL PLOT Income Tax May 3, 2017
Can wife claim Capital gains benefit under sec 54 by buying property owned by husband Income Tax May 2, 2017
Speculation and short term capital gain Income Tax Apr 21, 2017
Capital Gain on Property Sale Income Tax Apr 21, 2017