19 June 2007
A widow aged 85 years has a property transferred to her on the death of her husband. Now she wants to sell the same for 2 crores in this year. She has never ever paid any tax. She has four children. How can the property be sold with no tax liability on the widow?
You have to clear the said property time period after buy.
But As per your query its long term capital gain and she have four children she can divide amount in five part 1st part is for her, rest of four part between her four children. and she is already senior citizen so no worry abt her tax..but till i suggest to contact best CA regarding the same. or She Can give gift to her children's child..or her daughter in law if any.
CAclubindia
