long term capital gain on property

my grandfather had a DDA alloted plot in 1981 for 7082 rupees . On which he done construction 1982 and i have no proof of construction except naksha. He expired in 1997 and all the legal heirs transfers their share to her mother name in 2011 i.e my grandmother .Now she sell this property for 42 lakh rupees in 2011 and buys a flat for 15lakh 60 thousand rupees in her name and she wishes to buy another residential property of 22 lakh .please suggest her tax liability

receive the answer thanks a lot . will she keep the remaining amount in saving bank account or she have to deposited in capital gain saving account? she tells (my grandmother)that construction cost is around 80 thosand rupees but have no proof of construction amount . Please sugest what wil i do

asked Sep 02 '11 at 19:51 by aadi 1455


Based upon 80,000 construction expense, capital gain will be around 35.7 lacs. Even if there is no construction proof, you should consider it if same was utilized.

Before tax return filing last date (31st July) for year in which gain occurred, if possession of new house is taken, no need to deposit into capital gain account. If not, then it needs to be deposited.

In the mean time, she can keep amount in savings bank account.

answered Sep 02 '11 at 23:16 by pankaj 5.2k320

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Asked: Sep 02 '11 at 19:51

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Last updated: Sep 02 '11 at 23:16