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Will I get indexation benefit after selling a property gifted to me in 2024?

Anil Rego |388 Answers |Ask -Follow

Financial Planner - Answered on Jul 31, 2024

Anil Rego is the founder of Right Horizons, a financial and wealth management firm. He has 20 years of experience in the field of personal finance.
He’s an expert in income tax and wealth management.
He has completed his CFA/MBA from the ICFAI Business School.... more

Asked by Anonymous - Jul 30, 2024Hindi

Money

Sir..property purchased in 1988 my my mother... Construction done in two phases ..once completed in 1996...second in 2013...a loan was taken in 2011 for construction which was squared up in 2023 March...and the property was gifted to us children in April 2024 itself...a gift deed was executed in name of the children... The property was sold off in June 2024... Will indexation be available on this sale as it is after 23.7.2024 the new IT rules have been proposed.Thanks

Ans: Hi,
Since the property was purchased before 2001, the sale after the gift deed should be eligible for old LTCG with indexation

Best Regards,
Anil Rego,
Founder & CEO,
Right Horizons

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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Question by AJAY - Jul 24, 2024Hindi

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IF I BOUGHT PROPERTY IN THE YEAR 1980 AND SELL IN JUNE 2024. WILL I BE ABLE TO TAKE ADVANTAGE OF INDEXATION FOR SELL OF MY PROPERTY, AS IN BUDGET 2024-25 INDEXATION IS REMOVED.

Ans: As per Budget Proposals-2024, for the F/Y 2024.25, you may opt any of the following Options :
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My father bought a house property in 1968 comprising of two floors. He passed away in August 2001 w/out a leaving Will. Me & My elder brother thus became co-owners until we executed two mutual Release Deeds in October 2023 whereby each of us became sole owners of Ground & First Floors respectively. If the property were to be sold by both of us now to a single buyer, will the date of acquisition continue to be reckoned as 1968 ( original year of acquisition by our father ) being a legacy asset and thus eligible for Indexation benefit even post 23rd July 2024 ? In other words does indexation continue in respect of inherited properties where the original acquisition date is prior to 2001 ? Thanks in advance for your valuable opinion please.

Ans: 01. In case of Sale of property by one or both of you, to a single buyer, its date of purchase shall remain 1968 only.
02. In the instant case, you would be entitled to the benefit of Indexation.
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What about indexation which is permissible on property purchased prior to the year 2001?

Ans: FM has been quoted to have said that property purchased before 01.04.2001, shall continue to enjoy benefits of indexation. Official details are still awaited. I feel where benefit of indexation would be available, in that case LTCG may be taxed @ 20%. Kindly wait for the official clarification in this regard.
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