plese help m e with the following,
IF SOMEONE HAVE RECEIVED MONEY FOR FLAT SOLD OF AUNTY AFTER DEATH , WHAT IS TAX IMPLICATION? THIS WAS DISTRIBUTED IN 5 BROTHERS. THERE IS NO PURCHASE AGREEMENT FOR THE FLAT . THE PROPERTY WAS IN THE NAME OF AUNTY ONLY WHEN IT WAS SOLD. ALSO THERE ARE NO OTHER RECORDS RELATED TO IT. SO IS IT TAXABLE ? MONEY HAS DIRECTLY COME FROM BUYER TO US. CAN WE SAVE TAX BY INVESTING IN 54EC BONDS.? PLEASE REPLY.
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