Capital Auction
Capital Gains on sale of ancestral property in Goa?
My father acquired the property in 1995 by way of auction for Rs. 12,000/- and he has to pay his 4 brothers thier share of Rs. 3200 each. The current value is Rs. 4 cr. It is an ancestral property and title has been transfered from his monthers name to his name.
Do let me know how much will my father have to pay as tax if he sells the property?
Does it become capital gain. Pls do advise. Thank you.
I am not able to understand your question. You says ancestral property also you says 1995 and brothers etc.
Any way if the property is sold, then they have to pay long term capital gains @20% for the price between the sale price and the purchase price or 1981 value (with indexation).
If the cost of property is Rs.12,000 on 1995 and the sale price is 4 crores then the long term capital gains will be around 85 to 90 lakhs.
WJCT Auction–The Capital Grille
Auctions
| 
auction, business, capital auction ca, capital auction experts, capital auction in philadelphia, capital auction vallejo, capital auctions, finance, money, web2.0
Themocracy