Capital gain tax

The amount of capital gain is calculated by subtracting the indexed cost of aquisation from the sale value. The amount of Capital gain can be invested in purchasing a new house so that would be not taxed.

The question here would arise that the capital gain would be incurred by your FIL and BIL and the investment in your name would not be a eligible investment to claim deduction so either you transfer the property in your name before selling or the new property would need to be in your BIL and FIL names.

my brother in law is a CA. he said transfer of property in our names would not be possible and that we will have to pay capital gain tax. is it right?

NO IF THE PROPERTY COMES AS A GIFT THEN YOU ARE NOT LIABLE TO TAX.

but can my brother in law and father in law transfer the property in our names?

first calculate the capital gain amount multiply the cost of house by 785 and divide by 463 as this will be indexed cost of aquisation. Now subtract this amount from the sale value you will get the capital gain amount that need to be invested in approved schemes to save tax.

tax liability is 20 percent on the amount so calculated.

If your BIL wants to save this he need to invest this amount in some approved schemes else y

Yes they can transfer the property on your name by way of gift deed duly registered

VISHAL SIR IS RIGHT

Thanks Supriya, you requested me, but Sorry, TAXATION IS  NOT MY SUBJECT