Case:
- there are two property i.e X & Y.
- Of property X, there are 3 co-owner.(A,B & C) having equal share.
- Of property Y, There are also 3 co-owner.(A,Wife of B & wife of C).having equal share
- Now as per there mutual understanding –A will transfer her share in property X in the favour of B&C,
- for which A will get rs.30 lakhs from B & C.
- Futher A will get the Property Y share from the wife of B & C in her favour.
Now the following query asire.
a).Is this family settlement is exempted from the tax.(any reference if any)
b).If not ,then what will be the tax implication.
For your help, take the value of X-Rs.90 lakhs & Y-Rs.30 Lakhs.
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