My father Mr. Sanjay, a Delhi govt serviceman became a member of delhi govt. society and subsequently purchased a plot of 250 yards in a society alloted by DDA. he constructed a house in the year 1981-82 at a cost of Rs 1.2 lakh.
In his will in which he divided the property in the names of his wife (my mother), his son Mr. Ashok (my elder brother) and me Ms. Sunita , (his daughter) equally.
He expired in 1991.
My mother in her will gave her share to both of us (my brother and me equally).
My mother expired in 2010.
Now,my brother and myself are the equal benefiataires of the same.
We do not wish to sell the property and at the same time I wish that my brother becomes the total owner of the property and I am ready to relinquish my share to him.
My brother wants to give me in compensation a sum of Rs 50 Lakhs in cheques, in White form.
Kindly let me know if this sum is taxable to me or not, and if yes then how to save this tax ??
CAclubindia
