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Capital gain - property sale out
I have inherited an apartment from my father who died without a will.My mother and sister are also co-owner . We want to sale this flat now . my mother (Sr citizen) and sister don't have any income as such other than some interest on Fixed deposits. Want to know how the sale deed can be done with 3 owners and how it will impact our taxability and if any optimization possible .Sale value Rs.25 lacs .
Replies (3)
When your father purchased it and at what price?
Father purchased in 1998 end , price was Rs.6 lacs .
As per the data, indexed cost for the current year works out to be about 19.25 lakhs. Roughly 6 lakhs long term capital gains, when divided between three, would be less than 2 lakhs. As no other income of your mother and sister, means the capital gains won't be taxable in their case. For you depending upon your other tax liability, may add up upto Rs. 40,600/-.
Any expenditures on account of sales and any cost of improvment, may reduce it further.
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