Selling Gifted Property: How to Calculate LTCG and Save Tax?

Ans: Hi,
There are lot of ambiguities in your query. Certain questions that are pertinent are as follows:

Was the Rs. 17 Lakhs fully paid in 2002?
How was the possesion given in 2003 without registration and it was done only in 2016?
What was the proportion of payment that was made by you individually and your husband?

The answers to this query would change based on inputs to the above questions. However, i will try to give a generic response to your queries

Indexed Cost of Rs. 17 Lakhs - Rs. 56,34,286
Indexed Cost of Rs. 1.65 Lakhs - Rs. 2,17,500
Total Indexed Cost - Rs. 58,51,786
Sale Consideration - Rs. 95 Lakhs
Long Term Capital Gain - Rs. 36,48,214

Most critical point here is that this capital gain would be taxed in the hands of your husband and not you as he has gifted the property to you without any monetary consideration. This is based on the clubbing provisions of the Income Tax Act

Ans: As per budget proposal, there will not be any indexation benefit so gain will be sales minus actual cost. You have to pay tax @12.5%

Ans: In case of JDA, 1st tax liability arise for transfer of land for development and on which tax is required to be paid year in which completion certificate is issued.

After that when you transfer property, it will STCG if sold within 24 months of JDA.

Property transfer as a gift is not taxable