Taxation after sale of flat

Murugan (Querist) 10 June 2014 This query is : Resolved
I bought a flat 10 years back with my money and my father money. 3 months back I made settlement deed with my parents and my brother. Now we sold the property and received money as per the settlement. What are the income tax to be paid by me and my parents and sister.

Thank you,

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Advocate Ravinder (Expert) 11 June 2014
It is a long term investment. You have to pay 20% on your income arising out of the sale proceeds.

Murugan (Querist) 12 June 2014
Thank you,

Is this long term apply to my parents and brother. since the settlement done only 3 months before only. Whether they also have to pay LTCG tax separately and can we avail exception under sec 54.

Thanks.

Rajendra K Goyal (Expert) 12 June 2014
Consult your local tax consultant. The tax would apply to person in whose name the property was.

Anirudh (Expert) 12 June 2014
All of you are entitled for indexation of the cost of acquisition.
Please go through Section 49 of the Income Tax Act. In case you need further clarification, please get back.