If you are using entity translation module for translation on your site, you will need mlpanel module instead of i18n_panel module. After enabling the module, we have to go to each panel and edit the Panel and change the renderer to Multilingual standard as shown in the screenshot.
Next goto the content section edit the panes you want to translate as shown in the screenshot. (Hover on the images to get details)
That’s it . Enjoy translating Panels.