Amount of Capital Gain Tax

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  1. Anup53

    Anup53 New Member

    Sir, my father became a member of a co-op housing society in Apr. 1975 and got possession of a flat in may-1977 cost of which Rs 52064. Allotment letter given in April 1992 after loan instalment completed. That time regn was not compulsory. However in 2002 jan. it was Regd after regn became compulsory. He died in march 2002. Then my mother became member. She died in Feb 2014. Then I became member in April 2014. Now I hv decided to sell it for 40 lacs because my mother took loan several times from her daughters total Rs 7 lakh which is still outstanding. My query is whether i wud come under short term cap gains or long term ? If it is short term, whether indexation from 1975 applicable ? How can I minimise tax burden ? Pl help.
    Thnks in advance.
    --- ANUP Dasgupta
    31.12.2014
     
    Last edited: Jan 2, 2015
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