Hi,
We have recently sold the ancestral property. Can it be taxed in the hands of Father and his his two sons in equal proportions?
Only the name of the Father is being mentioned in the sale deed.
If yes, any internal memo needs to be prepared of the distributions rights.
Thanks in advance.
As father has first right over ancestral property, it cannot be divided in equal proportion now. It could have been shared by HUF.
CA Suraj Garg & Associates
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