Dear sir/madam,
i have a query for long term capital gain tax liability for my father.
the said property was bought in name of my grandfather in 1987 for Rs.1,10,000 .
he passes away in 2001 and the property was transferred in my grandmother name.
she passed away in 2010 and the property was transferred to two sons (i.e. my father and my uncle)
the flat was sold in 2011 for Rs.14,00,000 and this was shared by both brother.
now i have two questions
1) what will be the tax liability for my father.
2) can he loan me the amount for purchase of new flat and save on LTCG tax .
any help is deeply appreciated
CAclubindia
