How to compute capital gains on property received via gift deed?

BHIMESH
Sep 26, 2019

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?

1 Answer
Sep 27, 2019

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.

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