Query on long term capital gain

Tyrone Sequeira (Service) (29 Points)

30 January 2015  


I would like to know how can we save tax on Long term capial gain arising out of sale of anchestral property. The property is in the name of my father and his brother and both have equal share on the same.

My Queries

1. The Property was purchased before 1981 hence I dont know the Purchase value of the property for the purpose of indexing. How should I get the Purchase Price for the same? 

2. Will the Capital gain arising from the Property be divided by Two? 

3. How tax can be saved on sell of property? We are planning to Build a house. Can we build 3 flats in one building and avail tax exemption?

4. Can I Built a house & Invest in Bonds to avail exemption.

Awaiting for your suitable reply.

Thanking You