Please reply the following queries on urgent basis regarding the Long term capital Gain on property.
My father contructed a house in the year 1991 on the land purchsed by him in the same year. Now he want to sale this house and buy another house. Please clarify whether he has to pay the LTCG. As the cost of new house (which is proposed to be purchased) is less then the cost of the old house (Which is to be sold).
Consider the following points and reply accordingly.
1. He does not have taxable income beyond the exempt limit therefore he is not submitting the Itax Return.
2. He is retired person with no considerable income.
3. He does not have PAN number.
4. His age is about 72 years.
5. He is the legal owner of the house to be sold.
6. He want to buy the new house in his own name.
Thanks in advance.
