Dear Sir / Madam,
My father has made a settlement deed of his property in the name of his 2 sons (me & my brother). Now, we both have decided to sell the property. Given the scenario, do we have to pay capital gains tax, if so, how would it be computed?
Purchase of property in my fathers name: 1981
Date of registration of settlement deed: August 2013.
Value recorded in settlement deed: 2.5 crores.
Sharing ratio between me & my brother: 50/50 (Equal).
Proposed sale price: 3.0 crores (1.5 crores each)
Your advice would be very valuable, as we have found the buyer & would be registering by end of February & this would fall inside this financial year.
Regards,
Rajesh
