Hi, I have a close relative who has this situation.
She is married 30 years ago. She has a sister and 3 brothers. They have sold a land which was owned once by their father around 1980. Now the 7/12 form(land record in maharashtra) of the land has only the names of 3 brothers. They recently sold this land to a developer. The sale deed has names of all 5 (sisters and brothers)collectively as seller.
She and her sister received the money around 25 Lakhs + as this sale from the developer via cheques. Brothers got much more than what they received. Does she liable to the tax? or will it be considered as arrangement? How should the tax be calculated in case? what are the ways to save the tax?
Thanks in advance
CAclubindia
