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How much tax to be paid if property is transferred via GPA?- Property Hotline
Posted
October 27, 2016
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5:10Now PlayingExpert: Suresh Surana - Founder, RSM Astute Consulting
Question: My father has a property in Mumbai which is undergoing redevelopment. We were tenants in this property for 30 years. My father is 76 years old and we now want to get the property registered in my sister's name. If the property is transferred through GPA or gift deed, what are the taxes that are to be paid when the property is being transferred?
Answer: Tenanted property going for redevelopment may involve transfer of tenancy rights, subject to capital gain tax. Gain arising on transfer of tenancy rights held for more than 36 months is treated as long term capital gain. Exemption under section 54F is available for receiving the flat on redevelopment. New flat to be held for at least 3 year after getting the possession. Transfer (including gift) of new flat before 3 years may revoke the capital gain exemption claimed earlier section 54F.
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