Hi
We are selling my fathers ancestral property. My Father is no more now. We are three legal heirs(wife, myself and my sibling) and have legal heir certificate.
1. While selling if we make sell to my mother(senior citizen) can we exempt from capital gain tax?
2. How to calculate the capital gain tax? We donno who has bought this and for how much. I think this was given to my Fathers mother during partition and it is ancestral property
3. what to do to exempt from the capital gain tax? should we invest in my mothers name, this capital gain alone(not sure how to calculate still) in the capital gain bonds?
CAclubindia
