Is this Long Term or Short Term

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  1. sundresh

    sundresh New Member

    Hi

    I have recently been gifted a site by my brother

    Site acquired by my brother in Feb 1994
    Gift deed done in my name and transferred to me in April 2013

    Is it going to be short term or long term gain if I sell that site now.

    Thanks
     
  2. gaurav_kumar

    gaurav_kumar Well-Known Member

    The period of holding would be computed since 1994 i.e. when the property was originally acquired. Its been 21 years from 1994 to 2015 and therefore it is a Long Term Capital Asset as it has been held for more than 3 years.

    The Gains arising on the sale would be Long Term Capital Gains.

    However, the while computing the Indexed Cost of Acquisition the CII of 2013-14 would be considered i.e. the year in which it was gifted to you
     
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