dear sir, my father wants to sell a residential plot and wants gift the money to me before the long-term capital gain tax is paid. i wish to pay the tax before the due date. is it compulsory the tax is paid before the gift.
thanksDear Sir,
Your father can gift you the money before paying taxes on ltcg. However he has to show this ltcg in his return if income and pay taxes on it on or beofre the due date of filing of return.
Please feel free to revert in case you require any additional clarification on the above.
Thanks and Regards,
CA Abhishek Dugar
each year when will the new cost inflation index is published as i am going to receive sale proceeds by 15th June 2015. which year of calculation i will fall into while calculating cost inflation index.
correction 15th June 2016
You mean 15 June 2016. This will be your father's ltcg and not yours. It will pertain to FY 2016-17 for which your father will have to file ITR on or beofre 31 July 2017.
CIF will be published well and before the due date of filing of ITR.
Thanks and Regards,
CA Abhishek Dugar
Dear Sir,
No it is not compulsory to pay LTCG before gifting the Sale proceeds.
Trust this clarifies your query.
Please feel free to call/ get back in case of any further clarifications.
Thanking You.
Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP
Dear Sir,
The indexation chart should be out by the end of the month.
Trust this clarifies your query.
Please feel free to call/ get back in case of any further clarifications.
Thanking You.
Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP
In the present case there is no compulsion that tax is to be paid before or after gift. It is liability of your father to pay tax and file return of Income. The indexation year is financial year 2016-2017 which is not yet notified by the government.
Dear Sir,
Further CBDT has notified the cost inflation index as 1125 for FY 2016-17.
for FY 2015-16 it was 1081.
Hello Sir,
For your reference the Cost Inflation Indexa for the FY 2016-17 is just released by the CBDT and it is 1125.
Trust this clarifies your query.
Please feel free to call/ get back in case of any further clarifications.
Thanking You.
Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP