Gift deed and capital tax implication

Mousumi (Querist) 30 July 2012 This query is : Open
My father is 72 years and have received property from his Brothers and Sisters on 29th Jan 12 by way of gift deed. He paid the stamp duty for the same.Now, he is selling the property. On Jan 12 price as per govt was INR 1 Cr and now he might get INR 2.3 Cr . He would buy another property as this was the sole propoerty in his name which he is selling. What is the tax implication for him . Please guide us.

Regards
Mousumi

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