My mother had a property (residential plot) in her name which she had bought in 2007 aug for forty three and half lacs. I inherited the same with full interest in Aug 2011. I have now sold it for seventy six lac fifty thousand. My queries are as under:
1) What would be the long term capital garins in the case ? And how is it calculated?
2) How can I deposit the money in capital gains account and what are the types of accoung available?
3) Can it be deposited in Capital gain fixed deposit account ? If yes, what is the current rate of interest.
4) What are the rules for the withdrawl from the account?
5) Can I use the money to buy a residential house even though I have already one in my name? Will this have any impact on my eligibility of seeking capital gains exemptions?
6) Any other useful information