Capital gain on sale of property

Anupam (Finance Professional) (61 Points)

03 March 2016  

Hi,

I have purchased a residential Flat worth 62 lacs in joint name with my mother in July 2015 (me being the 1st owner)

Now my mother sold out a residential  property that was solely on her name worth 49 lacs. (Capital gain amounts to 25 lacs after indexation)

Further details: New Flat Cos – 62 lacs we paid 17 lacs from own fund and the remaining contribution is through bank loan of 45 lacs (loan is on joint name)
 

Please let me know what are the tax implication, will there be any capital gain tax?

Thanks