Dear Experts,
My husband and his sister bought a flat in 2008 (They both paid equally to purchase) and the flat was registered in my father-in-law's name. Now we are selling the same flat. I would like to know that since the flat is in name of my father-in-law who is a senior citizen and does not have any income. He does not hold PAN because he is not working since many years and does not have any other source of income.
The flat was bought for around 1Rs.10 Lacs and now we are selling the same at Rs33 lacs.
How much is the tax to be paid on this.
The simple publication may help you e.g;
https://www.outlookindia.com/outlookmoney/archive/property-harvesting-for-elders-287379
You may also post at group website CAClubinida.
Local CA can also help you.
FOR GETTING TAXED YOU FIRST OF ALL REQUIRED A PAN WHICH U ARE NOT HAVING , FIRST OF ALL APPLY FOR PAN.
SECONDLLY THE PARTICULARS ARE NOT PROPPER FOR CALCULATIONS
Indexed Cost of Acquisition = (Actual cost of purchase) * (CII Of Year of Sale)/(CII of Year of Purchase).
VARUN MAHAJAN
