03 May 2015
my father 8o years old having ancester property want to sell the same at a consideration 1.5 cr. but amount reced should be distributed between 6 childers.
what is tax liability? and rate of tax? is there any rebate under senior citizen?
04 May 2015
Long term capital gains tax payable at 20% on capital gain after deducting indexed cost of acquisition from the sale value. Capital gain tax can be avoided by depositing the capital gain for 3 years under 54EC bonds. No tax payable when the amount is given to children as gift to relatives is exempted.
For senior citizen only the basic exemption is available.
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