Capital Gain Tax Calculation on Sale of Property and reinvestment in two new property

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This discussion clarifies Capital Gains Tax calculations following the sale of a property. It addresses how reinvesting the proceeds into two new properties impacts the tax owed, particularly when the property was jointly owned. The advice provided suggests that while the mother, with minimal income, may not owe tax, the son, with a higher income, will likely need to pay tax on a portion of the capital gain.

Victor Datta

Victor Datta (Querist)
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26 November 2023 My mother had sold the property for Rs. 10000000/- on Oct 2023 and purchase price was Rs. 1085500/-
Year of Purchase of Sold Property: 2008

So what shall be Capital Gain as per LTCG

As my father is no more so as per law property is sold on my mother and my name there we had received Rs. 50 lac on each account

We had purchased new property worth Rs. 3500000/- each of us so what shall be the tax amount i need to pay

Kindly help

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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27 November 2023 No need to pay any tax if you don't have any other taxable income.

Victor Datta

Victor Datta (Querist)
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28 November 2023 Thank you Mr. Seetharaman sir
my mother is retired personnel (private) and she receives pension of 1400Rs/month and rest no income
whereas
my ctc if 12 lac/annum so do i need to pay tax?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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28 November 2023 Your mother need not pay any tax.
You need to pay for 20% tax on around 1 lac.
Calculate tax at the time of filing ITR.

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