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-If you gift the land to your father, any subsequent capital gain from sale of the aforesaid land shall be taxable in your father's hands. Also, you need to transfer the same through gift deed and pay applicable stamp duty and other charges.
In above case, there would be capital gain of Rs ~ Rs 24.60 lakh. It will be taxed at 20.8%.
It is calculated as below:
Sale consideration -Indexed COA- transfer expenses = (Rs 30 lakh- Rs 5.40 lakh)= - Rs. 24.60 Lakh
The indexed COA= Rs 3 lakh /167*301= ~Rs.5.4 lakh.
-For claiming exemption from capital gains, investment can be done in :
- Residential house property under section 54F: invest in a ready to move in property within 2 years of sale or purchase land and construct a house property within 3 years of sale.
- Eligible bonds under section 54 EC: You can invest the capital gains of up to Rs 50 lakhs in bonds of NHAI or REC, within six months of its accrual and get the exemption u/s 54EC. Such bonds shall be redeemable after 5 years. Only interest received on such bonds shall be taxable. There would be no taxes on redemption after 5 years.
Please note that in order to claim exemption, you need to invest the capital gain amount if a house property is sold. However, in case of sale of a land, entire sales consideration needs to be invested.
We may assist you in entire procedure.
It is advisable to take a phone consultation for detailed discussion.