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my father purchased land in 1965 and constructed one floor house in 1967. After his death in 1990, me and my brother became joint owners. In 2011, my brother relinquished his share for rs 60 lac in my favor which was paid by me by entering into collaboration with builder who paid rs 60 lac to me. As per collaboration builder spends for developing four floors, out of which two floors go to builder and two floors to me. All floors will be ready by september, 2012. Market Value of each floor will be rs 55 lac. What is the long term capital gain tax, if any, on me. |
