Capital gains

Akula Srinivas (Accounts Officer) (59 Points)

10 March 2015  

Dear Sir,

 

Please clarrify my issue

 

X purchased a Flat worth of Rs. 21 lakhs in 2006. X gifted the same to Y (his father) through gift deed with out consideration in 2008. Y sold that property in 2014 for Rs. 40.50 lakhs. 

How much is capital gains and whose hands it is taxable.

please do the needful