Hello,
My father had purchased flat in 1992. He died around 2007. I have one brother and three sisters. We, both brothers, has not contributed at all during purchase of this flat. We were still undergoing education during that time. After his death, my three sisters removed their rights from property with proper agreement. So now my mother has first name in property followed by my elder brother and then me.
We are planning to sale this property now. So will this sale affect me or my brother from Income tax perspective though we want to give and submit all money in my mother's bank account. She is at present 72+ age.
Also as per capital gain tax rules, I guess we will have around 2 Lakh as capital with this sale. So will it get exempted for my mother being senior citizen or we need to pay capital gain tax on this? If yes, how much - 10% or 20%?
Please advise and thanks in advance.
Regards,
Milind Kalyankar
