My Mother purchase a Residential house (1 BHK) in CHS. at andheri in sept 2011. She expired on 01 may 2013. on the basis of nomination society transferred the flat on my Elder brother name in june 2013. My elder Brother Expired on 29 sept 2014.Myself and 3 Married Elder Sisters obtained Letter of administration From Competent court and on the basis of this flat has been transferred on our name. But as per Family Settlement I have released my rights in favour of 3 Sisters.
Now My 3 sisters are selling the flat and out of total consideration they want to give Twenty Lakhs (Rs.20,00,000) to me.
so will it attract any tax liability.
so in what mode should i accept the payment of Twenty lakhs (Rs.20,00,000) so it does not attract any tax liability.
CAclubindia
