Capital gains tax calculation

Your Indexed cost of aqusition will be Rs. 22.13 L which will be deducted from sale consideration of Rs. 60 L. The capital gain is 37.86 L. in total which will be devided in the joint owners. As there is no other income, the capital gain will be reduced by the basic exemption limit i.e. 3 lakhs each as all are senior citizens. The balance amount will be taxed  @ 20.60%. You can avail the TDS credit. 

You can avoid the capital gain by:

1. Invest in new residential property.

2. Purchase the bonds of NHAI or REC.

Assumptions:

1. There is no cost of improvement and no cost of transfer.

2. The joint owers are of the age 60 years or more but less than 80 years. 

3. The share of the joint owners in the property is equal.

Thanks for the reply

Why 20.60% ? Both the joint owners are having PAN CARD Nos.

In this case will the remaining amount will have to be apportioned as per the Income slab structure 

For Senior Citizens (Age 60 years or more but less than 80 years)

When you say 'you can avail the TDS Credit' Rs 60,000/- will be offset against the tax liability that will arise as per the Tax slab tabulation ?

Purchase the bonds of NHAI or REC to offset LTCG Tax

On Maturity of NHAI or REC during redemption how will the interest earned be treated ? will they deduct TDS? should we submit Form 15G or H?

LTCG is taxed at a beneficial flat rate of 20%, plus a cess of 3%, subject to fulfilment of certain conditions.

COST OF HOUSE IMPROVEMENT - We have incurred expenses of Rs.8-9 Lakhs -  Can this be claimed even if you dont have bills for the expenses incurred having spent on the maintenance of the house, some modifications like covering the Balcony, enclosing the Balcony etc. for the past 18 years from time to time.?

You claim those amount which you can justify to the AO. Any improvement of permanent / capital nature can be  claimed as cost of Improvement.