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Senior Citizen Selling Flat: How Much Tax Will I Pay?

Vipul Bhavsar |16 Answers |Ask -Follow

Tax Expert - Answered on Feb 16, 2025

Vipul Bhavsar is a chartered accountant from The Institute of Chartered Accountants of India. He has over 16 years of experience in corporate advisory, taxation and financial reporting.
His interest areas are consulting, income tax, GST and due diligence.
He founded his CA firm, V J Bhavsar and Associates, in 2010 through which he offers services like virtual CFO, trademark registrations, company /LLP formation, MIS reporting, audit, tax and TDS compliances, accounts receivable/payable management and payroll processing.... more

Asked by Anonymous - Feb 07, 2025Hindi

Money

I am a senior citizen. I am selling my flat at 54 lakh. I bought it 13 years back for 19 lakh 80 thousand 600. My son is the co applicant. He is working in IT and he has a family of wife and a son. Me and My husband are unemployed, no pension, not earning. What would be my capital gain and what would be the tax we have to pay.

Ans: Assuming that the property was purchased during FY 2010-11, the indexed cost of acquisition works out to Rs.4305136. So Long Term Capital Gain shall be 1094863. This can be divided between you and son equally and after adding to other income, tax shall be calculated at 20% for your son. For you if no other income then amount remaining after basic exemption limit shall be taxable at 20%

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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Hi Hi am 68 years old retired government employee in 2002 I had purchase a flat at 3.5 lack. Recently on May 2024 I have sell that flt on 21.50 .all the money I have given to my son who had purchased a new flat.can I pay capital gain tax.if yes then how much.

Ans: 01. Since you have sold the flat in May-2024, applicable LTCG tax would be @20%, with indexation.
02. You are liable to declare LTCG in your ITR & pay tax accordingly.
03. Exact tax amount payable by you can't be calculated in absence of detailed info about your Income from all sources & Tax Savings etc.
04. you can gift your son this sale amount, who may utilize the same in a way he likes.
05. If your want to save your LTCG, you should have purchased the new flat, may be in the name of your son. In this way you would have been entitled to exemption u/s 54. There are some tribunal decisions, which have confirmed that property purchased in the name of Spouse, son or daughter (Lineal blood relations), is eligible for exemption u/s 54.
Most welcome for any further clarifications. Thanks.

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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