Received House plot through gift deed from my father in 1998 . Now in 2019 sold it for 58 Lakhs. How to calculate capital gain tax on this deal?
Computation of capital gains is explained in this Q&A How to compute long term capital gain on selling property?
The only thing that you need to know is - how to compute the acquisition price since the property is received as a gift from father? Is it ZERO because it is a gift? No. The acquisition price should be the price that your father paid to acquire this property, plus cost of any improvements.
I hope this answers your question. If you have a followup question or comments, you can leave them below.
Sachin Shah is a 30 year old Senior Software Engineer, working at an IT services company in Bengaluru. He and his wife want to plan for their retirement and also want to save for their child's education, wedding and for buying a car.View Case Study