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my dad sold our old property which was in his name in year 2011 for ten lacs. my dad is retired sr. citizen. kindly let me know, does this dealing will attract long term capital gain.the house was 15 years old. asked Mar 02 '12 at 12:42 by nikhil 1●1●1●1 |
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Income tax would be payable on such long term capital gains. See below computation for gains and income tax: Purchase Year = A, Purchase Cost = P, Cost Inflation Index (CII) for purchase year = X answered Mar 02 '12 at 22:42 by Pankaj Batra 5.2k●3●20 |