19 September 2014
My father, age 75, sold a residential flat for Rs.2900000. He has incurred a long term capital gain of 1950000. He does not have any other source of income. He has already invested Rs.150000 in his PPF account from the proceeds of the sale.
1. What will be his total tax liability?
2. Will the total tax liabilty be reduced by basic exemption as well as the 150000 invested in PPF.
CAclubindia
