Taxation Exam > Taxation Videos > Income Tax for assessment (Inter Level) > P1 in Page 7.12 Gifted Asset Subsequently Sold
P1 in Page 7.12 Gifted Asset Subsequently Sold Video Lecture | Income Tax for assessment (Inter Level) - Taxation
|
405 videos|72 docs
|
FAQs on P1 in Page 7.12 Gifted Asset Subsequently Sold Video Lecture - Income Tax for assessment (Inter Level) - Taxation
| 1. What is the taxation process for gifted assets that are subsequently sold? |  |
Ans. When a gifted asset is sold, it may trigger capital gains tax. The tax is calculated based on the difference between the selling price and the fair market value of the asset at the time of the gift. The individual who sells the gifted asset is responsible for reporting and paying any applicable capital gains tax.
| 2. Are there any exemptions or deductions available for gifted assets subsequently sold? | |
Ans. Yes, there are exemptions and deductions available for gifted assets that are subsequently sold. For example, if the gifted asset is a primary residence and the seller meets certain criteria, they may be eligible for the primary residence exclusion that allows them to exclude a portion or all of the capital gains from the sale. Additionally, certain expenses related to the sale, such as real estate agent fees or repairs, may be deductible.
| 3. How is the fair market value of a gifted asset determined? | |
Ans. The fair market value of a gifted asset is typically determined based on its market value at the time of the gift. This can be established through various methods, such as appraisals, comparable sales in the area, or expert opinions. It is important to accurately determine the fair market value to correctly calculate any potential capital gains tax.
| 4. Can the person who received the gifted asset be held responsible for the capital gains tax when it is subsequently sold? | |
Ans. No, the person who received the gifted asset is generally not responsible for the capital gains tax when it is subsequently sold. The responsibility for reporting and paying the tax falls on the individual who sells the asset. However, it is always advisable to consult with a tax professional for specific guidance based on individual circumstances.
| 5. Are there any time limitations or restrictions for selling gifted assets without incurring capital gains tax? | |
Ans. Yes, there are time limitations and restrictions for selling gifted assets without incurring capital gains tax. If the gifted asset is held for more than one year before being sold, it may qualify for long-term capital gains tax rates, which are typically lower than short-term rates. Additionally, certain types of assets, such as qualified small business stock or qualified real estate, may qualify for special tax treatment if held for a specific period of time. It is important to understand these limitations and restrictions to optimize tax outcomes when selling gifted assets.
Related Exams
About this Video
|
Nov 16, 2024 Last updated |
Video Description: P1 in Page 7.12 Gifted Asset Subsequently Sold for Taxation 2024 is part of Income Tax for assessment (Inter Level) preparation.
The notes and questions for P1 in Page 7.12 Gifted Asset Subsequently Sold have been prepared according to the Taxation exam syllabus.
Information about P1 in Page 7.12 Gifted Asset Subsequently Sold covers all important topics for Taxation 2024 Exam.
Find important definitions, questions, notes, meanings, examples, exercises and tests below for P1 in Page 7.12 Gifted Asset Subsequently Sold.
Introduction of P1 in Page 7.12 Gifted Asset Subsequently Sold in English is available as part of our Income Tax for assessment (Inter Level) for Taxation & P1 in Page 7.12 Gifted Asset Subsequently Sold in
Hindi for Income Tax for assessment (Inter Level) course. Download more important topics related with notes, lectures and mock test series for
Taxation Exam by signing up for free.
Description
Video Lecture & Questions for P1 in Page 7.12 Gifted Asset Subsequently Sold Video Lecture | Income Tax for assessment (Inter Level) - Taxation - Taxation full syllabus preparation | Free video for Taxation exam to prepare for Income Tax for assessment (Inter Level).
Information about P1 in Page 7.12 Gifted Asset Subsequently Sold
Here you can find the meaning of P1 in Page 7.12 Gifted Asset Subsequently Sold defined & explained in the simplest way possible.
Besides explaining types of P1 in Page 7.12 Gifted Asset Subsequently Sold theory, EduRev gives you an ample number of questions to practice P1 in Page 7.12 Gifted Asset Subsequently Sold tests,
examples and also practice Taxation tests.
|
405 videos|72 docs
|
|
Explore Courses for Taxation exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
Related Searches
Viva Questions
,Objective type Questions
,ppt
,Semester Notes
,Exam
,Summary
,Important questions
,past year papers
,Extra Questions
,practice quizzes
,study material
,Sample Paper
,Previous Year Questions with Solutions
,P1 in Page 7.12 Gifted Asset Subsequently Sold Video Lecture | Income Tax for assessment (Inter Level) - Taxation
,P1 in Page 7.12 Gifted Asset Subsequently Sold Video Lecture | Income Tax for assessment (Inter Level) - Taxation
,shortcuts and tricks
,MCQs
,mock tests for examination
,P1 in Page 7.12 Gifted Asset Subsequently Sold Video Lecture | Income Tax for assessment (Inter Level) - Taxation
,Free
,video lectures
;
Study P1 in Page 7.12 Gifted Asset Subsequently Sold on the App
Students of Taxation can study P1 in Page 7.12 Gifted Asset Subsequently Sold alongwith tests & analysis from the EduRev app,
which will help them while preparing for their exam. Apart from the P1 in Page 7.12 Gifted Asset Subsequently Sold,
students can also utilize the EduRev App for other study materials such as previous year question papers, syllabus, important questions, etc.
The EduRev App will make your learning easier as you can access it from anywhere you want.
The content of P1 in Page 7.12 Gifted Asset Subsequently Sold is prepared as per the latest Taxation syllabus.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup