I have a property in mumbai which is tenancy of trust. Agreement of this property is done in in 2009. The value of property is 8 lakhs when bought. After cost inflation index 16.27 laks. I have found a buyer for the property for 56 lakhs.
Since it is a tenancy of trust I have to pay 25% to trust. So trust has will get 14 lakhs and I will get 42 lakhs.
I am going to sign a agreement with trust that trust will get 25% of selling value.
So will have to pay Long term capital gain on 56 laks or 42 lakhs.
My second quiestion is the agreemnt is joint with my mother (first holder) and my self second holder. When we bought the property my mother has paid 8 lakhs to buy the property. So should both joint holders have to pay 50% LCT each of my mother has to pay 100% LCT.
My third question is can in invest in 54ec bonds to save LCT.
Thanks
Vishal Ved
CAclubindia
