Capital gain

Querist : Anonymous (Querist) 09 December 2017 This query is : Resolved
On March 2015 my father gifted me his three self earned property wherein the 2nd property was mortgage in chit fund (loan taken by a joint account My brother and father) for 95 lakhs. In June 2017 the mortgage property came to auction by court order . We requested d chit fund and took some time and mean while I applied for loan and got sanctioned for 38 lakhs . Since there was a shortage I and my dad decided to sell the 3rd property(gifted property) and pay off the loan. We sold it for 63 lakh . We paid 1% as TDS and 2% for agent to sold it. We made one time settlement with chit fund and paid 57.50 lakh and cleared the loan. And also I closed my loan of 38 lakh. Nothing left in hand. Now my question is do I need to pay capital gain?

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Guest (Expert) 09 December 2017
Post this Query in CA Club of this same forum

Querist : Anonymous (Querist) 24 December 2017
I have posted in CA club but no reply. what to do next?

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