My father in-law has sold his old house for 67 lacs and paid 2 lacs to real estate agent in the month of October 2015. He had purchased this house in 1978 for Rs. 12,000. His second daughter bought one flat in Bangalore for 58 lacs in February 2015. She has made her father as third applicant in purchasing the house. Property is going to be completed in 2018. My father in-law is going to pay complete amount for this property. How to address the income tax and what is the best option to save maximum capital gain.
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