Capital gain - property sale out
sabyasachi ghosh (GM) (73 Points)
30 October 2016sabyasachi ghosh (GM) (73 Points)
30 October 2016
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177721 Points)
Replied 30 October 2016
When your father purchased it and at what price?
sabyasachi ghosh
(GM)
(73 Points)
Replied 30 October 2016
Father purchased in 1998 end , price was Rs.6 lacs .
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177721 Points)
Replied 30 October 2016
As per the data, indexed cost for the current year works out to be about 19.25 lakhs. Roughly 6 lakhs long term capital gains, when divided between three, would be less than 2 lakhs. As no other income of your mother and sister, means the capital gains won't be taxable in their case. For you depending upon your other tax liability, may add up upto Rs. 40,600/-.
Any expenditures on account of sales and any cost of improvment, may reduce it further.