My client Mr.X relinquished his right on property and collected money from his elder brother. They made an arrangement of sale deed as if Mr.X is selling property to his brother. in fact the "WILL" for the same property not yet made by their parents. Hence how do we treat the above case.
My question. 1.Since the WILL NOT MADE, MR.X Cannot let his right forego for money. 2.If the same is covered under 2 (47) then how to compute period of holding, in the absence of deed. 3.Can i treat the above transaction as simple family arrangement and ignore
My client Mr.X relinquished his right on property and collected money from his elder brother. They made an arrangement of sale deed as if Mr.X is selling property to his brother. in fact the "WILL" for the same property not yet made by their parents. Hence how do we treat the above case.
My question. 1.Since the WILL NOT MADE, MR.X Cannot let his right forego for money. 2.If the same is covered under 2 (47) then how to compute period of holding, in the absence of deed. 3.Can i treat the above transaction as simple family arrangement and ignore
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