My father had purchased a flat in my name when I was unmarried and 19 year old in the year 1989. The purchase cost was Rs 50,000/-. Subsequently he incurred expenditure of Rs 10,000/ in the year 1990 towards improvement of the flat ( ie installation of water tank, plumbing, furnishing work etc)
Thereafter he has sold the flat in august 2012 @ Rs 9lac. The registration papers were signed by me as it was in my name and the payment was also received by me through cheque in my name and was deposited in joint a/c ( in my father's name and my name). The same was withdrawn by my father.
Kindly clarify following points and oblige.
1. Who is responsible for payment of capital gain tax . Me or my father ?
2. In case I am responsible for tax payment , is there any way by which this responsibility can be shifted to my father?
3. Pl intimate the amount of capital gain tax.
4. Pl also intimate by when capital gain tax can be paid and applicability of interest if any?
3. Rs. 1,16,485/-. The cost is to be taken at 60,000/- and to be multiplied by 852 and divided by 161 to find out the present index cost. The index cost comes to 3,17,515/- which is to be deducted from 9,00,000/-. If you have paid any brokerage for selling the property then the same is to be deducted.
4. If nothing has been paid then it should be paid before you file the return for the assessment year as the last date for filing of the return for 2013-14 is due by 31st August, 2013. If you have no other income then this tax will be reduced provided you send me the details of your income I shall be able to give you the correct figure for tax and interest. You can send the details to ssunderagarwal@gmail.com
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