Hello:
I am writing this on behalf of my mother who is a Sr. Citizen. My Mother is entitled for 60 Acres of Agricultural Land by way of inheritance [Her Grandfather's Assets]. Since she is not interested in claiming the same, and wants to renounce it in favor of her elder brothers A & B to be split equally. Out of goodwill A & B have decided to pay Rs 10 Lakh together to my mother and are mentining that in the separting or some khata transfer or some deed after which A & B will become rightful owners. Will this Rs 10 Lakh be taxable in the hands of my mother ? If so at what rate ? Transaction yet to occur.
Thank You.
CAclubindia
