Tax planing

Thank you Sir,

so, can my father receive cheque of Rs. 90 lack, from builder now..?

Because this site are under construction now, we have given land to builder  for construction of Residential proparty (R zone) thats why we receiving this amount in advance insteade of after selling flats.(construction take 2 year for completon) 

The property is required to be transferred in favor of 5 legal heirs. There is no tax on transfer to legal heirs.

You must consult a good advocate who will help you will drafting agreements with the developer and will protect your rights and interest in the property. 

Thank you sir.......

No tax, however draft a proper deed and verify if  TDS is required to be done u/s 194 IA

Yes, there is no tax implication in case of inheritance i.e. property t/f from father to legal heirs but there is tax implication on transaction arise between 5 legal heirs and builder. Capital gain will be leviable. 

You should consult with your CA. 

thank you sir.....