My father purchased land in 1999. And constructed house in 2005. Property was on his name only.
After his death property got transferred on name of my mother, myself, my bother and my sister. Now it is jointly held by all four of us.
My brother and sister are US citizens now. My brother has PAN card. sister doesnt have pan card. I live in india.
Now we want to sell the property.
Understanding between us is clear. so no problem on that side.
So we want to sell in such a way so that less tax comes overall and least combersome for US brother/sister.
Question:
1. Is it possible for buyer to handover complete sell amount only on my mother name. ? Someone told we have to take the sale proceed equally on all four name.
2. Even my brother and sister doesnt want any sale amount. neither they want to fill any tax. is it possible?
3. we dont have details of construction cost. How can we get indexation benefit. The land purchase of very less hence wont add up much. Major cost was of construction. but we dont proof of that. only few bills. can we get a value as of 2005. so that we can calculate indexation cost now.
4. My sister doesnt have a PAN. will have create any issue in selling?
THanks,
Ajay
CAclubindia
