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Ltcg for senior citizens

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Querist : Anonymous

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Querist : Anonymous (Querist)
28 March 2012 Hi Experts,

My father-in-law is a 62 yrs old retired person.
He had purchased a land in 1988 for Rs 35000.
And we sold this land now in Feb 2012 for Rs 1087000.

Now my query is, will he has to pay tax? How much? How to save it?

If we decide to put this money to buy a flat, then problem is that loan can be taken only on my husbands' name. So is it necessary to keep my father-in-lawa as co-owner?
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
04 April 2012 Gain arising on sale of this land is taxable as long term capital gain.

Tax Computation:

Sale Consideration Rs. 10,87,000
Less: Indexed Cost of acquisition
35,000*CII of year of transfer/CII of 1988-89

The balance shall be taxable @ 20%.

CII = Cost Inflation Index


If your father does not earn any income, then the basic exemption limit shall be reduced from the amount of capital gain and tax shall be payable on the balance amount.
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