My father(92Yrs) sold Ancestral property in Pune for Rs. 90 lacs in Dec.12
Property is 100 years old & its Market price is Rs.3.08 lacs as 01.04.1981 as per
Gov. app.reg.Valuer.
My father has one daughter(67Yrs) & one son(64Yrs).My mother is 86 Years old & is bed ridden.
My Father wishes to pay 1/3rd portion of sale proceed to his daughter as per her right.
What is tax implication? How he shall distribute the proceeds so that there be minimum tax or no tax?
Also he does not wish to buy new property but wish to invest Rs. 50 lacs in Tax saving bonds.
Please give your suggestion on the issue.
CAclubindia
