Income tax on sale of property in Mumbai

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  1. purushotham Kudva

    purushotham Kudva New Member

    Let me first state the details of the case.
    A building was purchased by my uncle in 1965, which had 3 flats. One flat was for my parents and the other two were for my uncle.(my parents had given money in return for the flat, which was never mentioned anywhere in any document). In 2015, the building went for reconstruction and my parents got 2 flats in the new 10 storey building in lieu of the flat they surrendered. The new building(10-storey) is under construction and will be completed by December 2016. My parents want to sell both the flats in the new building.
    How much income tax will they have to pay? How will the capital gains be treated?
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