Hi Everybody,
I am a first time participant of this forum.I have a question regarding capital gains tax.In 1996 I purchased a house and I gifted it in 2008 to my wife, by way of an oral gift. As per Muslim personal law of India Oral gift is as good as a registered gift and is accepted as such by courts and property registration authorities.
My wife sold it in 2014. I understand that for evaluating the capital gains tax the cost of property to donor and the his date of acquization is considered.My question is as the property was aquired by her as gift from me and sold by her woh is required to pay capital gains tax, the donor or the donee (in this case wife) of the said property.
Zia Khan
I am a first time participant of this forum.I have a question regarding capital gains tax.In 1996 I purchased a house and I gifted it in 2008 to my wife, by way of an oral gift. As per Muslim personal law of India Oral gift is as good as a registered gift and is accepted as such by courts and property registration authorities.
My wife sold it in 2014. I understand that for evaluating the capital gains tax the cost of property to donor and the his date of acquization is considered.My question is as the property was aquired by her as gift from me and sold by her woh is required to pay capital gains tax, the donor or the donee (in this case wife) of the said property.
Zia Khan