Hi,
My great grand father bought one property which was inherited by my grandfather and after his death in 2005 it belongs to all his children. there are some quarrals going on in family regarding share. there in no will avaialble but a simple signed paper which shows the distribution of asset. on that basis my father sold his share of property to his elder brother for 42 lacs. and made registerd agreement / sales deed which says market value is 33 lacs. we paid registration charges and all. now there is no purchase agreement or purchase value /document is availble with us. and the property still holds the name of my grandfather in mumcipal records. now in this case what will be the tax implication. and if long term capital gain tax to be claim then which documents are required. also pls guide if is there a way to show this transaction as loan taken from brother to avoid tax? note:there is no dispute in my fathers share.
CAclubindia
