Hi,
My father purchased a flat in December 2003 for Rs 5,40,000. Flat was registered in april 2006. cost for registration and VAT was Rs 1,00,000.Also we have spent around 2 lakhs for furnishing in the year 2008
Flat was sold in December 2015 for Rs 16,50,000.Based on the indexation, what is the long term capital gain tax my father is supposed to pay. Also my father does not receive any income , so if any tax has to be paid, can it be exempted under the 2.5 lakh basic exemption limit.
thanks in advance.
