Long term capital gain tax on property

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Dear all,

My mother purchased a land in my name (when i was child) 30 years back.  I have 3 sisters also.   Now i am planning to sale  the land and share the amount in particular ratio with my sisters.   Since property is my name. 1 )have to bear all capital gain tax?   2 ) i have pay tax for my portion only ?   and also suggest me how to avoid  tax ?  3)   I have already had house which i bought through house loan, if i repay the loan from the sale of property, shall i claim capital gain exemption?   

Saran

Replies (1)

you can set up sale from proceeds by investing in new property within 3 years or you can also setup  against your previous purchased land within 2 years back from date of sale of this land.

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