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How to calculate tax on gifted property? - Property Hotline
Posted
June 30, 2016
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2,314
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June 30, 2016
2,314
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0.26%
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3:19Now PlayingBe Un Confused
Expert: Vinay Singh, Tax & Legal Expert
Question: I bought a flat in 1990. I transferred the flat to my brother in 2000 as a gift since I was moving to the US. I returned to India in 2005. My brother transferred the flat back to me as a gift. I am returning to the US and want to transfer the flat back to my brother as gift. 1) If my brother sells the flat, will he get indexation benefit from 1990 when I bought it? 2) Should my brother hold the flat for 3 years to avail capital gains benefits? 3) My brother owns a home. This gifted flat will be his 2nd house. If he sells the gifted house in the year it is transferred to him can he get capital gains benefits?
Answer: He will get indexation benefit from 2005. There’s no need to wait for 3 years to sell the property because the cost of the holding period by a previous owner adds to current owners holding period. As the asset has been into his hands for a very long period he can sell it very next day.
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