My grand mother purchased a property in 1960. In 2017 after the death of my grand mother this property got transferred in the name of my father as an inherited property. After completing the formalities rawalpindi development authority (rda) issued a new allotment letter in the name of my father in year 2017. At that time the dc rate of the property was 3 crore. My father is now going to sell the property for 5 crore in july 2019 and the new dc rate for the property is 6 crore. Kindly guide me on the following:
1) is capital gain tax applicable on this transaction based on the proposal in the fy 2019 budget.
2) if applicable, how much would be the gain amount?
Regards,
Cgt is not applied