CASE STUDY
Mr. Anil sold a residential land(DLC RS. 600000) for Rs. 1400000
Which he purchased in 2008 For Rs. 40000.
*Agreement of sale executed on 22.08.2019
Now he will transfer sale consideration Rs. 1400000 as gift to his real brother Mr. Nitesh.
Mr. Nitesh wants to purchase a commercial land worth Rs. 1100000.
So advise the tax planning.
Still we have option to modify agreement of purchase of land if required because this agreement yet not executed.
One more question
The land which Mr. Nitesh wants to purchase , land loard of such property has died and such property transferred to his wife and daughter inheritance.
So question is that if he makes payment whether it is required to transfer equal consideration to each co owner account
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