Whether long term or short term capital gain tax or no tax
Hi Sir, I have one query regarding capital gain tax. A 60 mtr. Plot in Rohini, Delhi Plot was allotted thru draw of priority nos on June 2012 and Allotment-cum-Demand letter was sent on [deleted] for payment of premium of Rs. 15 Lac which is paid by me in three instalments (June, March & May 2015). The physically possession of plot was given to me jointly with my house wife on [deleted] after 35 years with a Lease Deed with DDA.
This was originally booked by my Late father in DDA-Rohini Residential Scheme 1981 by depositing Registration amount of Rs. 5000/- for allotment of 90 meter plot. But after the demise of may father it was mutated (registration transferred) in my name in 2002.
If the plot is sold now (40 Lac approx), what will be the tax liability for me. I am a Salried person, also have purchased a Flat at Mohan Nagar, Ghaziabad in July 2005 by availing housing loan. Presently I am residing in my Parental House with my family members. I want to use this sold amout to recontruct my parantal house.