If you give assets such as a house or shares to your child, a friend, or almost anyone else, the recipient of the gift does not have to pay any tax on the item received. However,you may face capital gains tax. Do you have to pay capital gains on gifted money?
Transfers of real estate are fully liable to capital gains tax, including exchange properties and those sold on the basis of a life annuity rather than a capital sum. Conversely, properties that are gifted are not liable (although they may be subject to gifts tax) and property that is inheri...
The FLP is treated as tax transparent and, as such, the partners are taxed on the income and gains relating to their share of the FLPs assets (at their marginal rates once their personal allowances have been applied). In this way the FLP is, again, no different in tax terms from the...
It is a generalized Capital Gain Tax calculator which calculates Long Term and Short Term Capital Gain based on the time of holding ( purchase date and sale date), on the type of assets such as property or Gold or stocks or equity Mutual Funds. Generally, the rules for classifying short a...
Mr. Ramachandran, on the other hand, asked me " What do you mean by the market price with no loss no gains concept"? Well, my answer is... concept is not on the market price per se. It is the intention of the seller to sell the property at the current market value, neither less...
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