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capital gain tax
My father has a property that property was transferred to my property in the name of two brothers in my father's name in year 2005. In 2015, both of our brothers had got the lease from JDA of that property. Now that property is the name of both of our brothers. Now we both want to sell the property as if the deal was fixed in 25 lakhs. The buyer of the property will pay a total of 2500000 rupees for that property, and this ₹ 2500000 will be deposited in the joint bank account of our brothers. After this we have bought two separate plots for every five ₹ 500000. Please tell us how much capital gains we have to pay in this deal
Replies (4)
Date of allotment and cost of land to father not available!!
1996 & cost at that time 8900
Get valuation certificate of the plot as on 01.04.2001, from sub-registrar office or any certified valuer. That will be cost of aquisition. Based on that LTCG can be evaluated.
New investment by each brother in individual plots will not help in tax deduction, unless you wish to construct any house property over it within 3 years time period from the sell of earlier plot.
sir send me your contact no
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