JOINT PROPERTY RD QUERRIES

This discussion explores the tax implications of a joint property relinquishment deed where one brother transfers his share for a consideration of Rs. 40 lakhs. Key questions addressed include whether long-term capital gains tax applies, if the sale needs to be declared in the Income Tax Return (ITR), and how the registrar will treat the value for stamp duty. It also covers TDS deductions and the implications if the registrar records the transaction despite potential non-compliance.