I had a client who has sold out the the flat alloted to her.
A land was purchased by 3 Brothers.in 1964 jointly.Such Land was got partition in 06-07 among such brothers.in 1989 One of the brother has been died.The property belonging to such Brother has been divided among their legal hier & divided into 7 parts among its spouse, sons& daughter.all the person to whom land was transferred as per will mutually decided to give such land to the PROMOTER.the promoters will allot flat in respect of such LAND.Flat was alloted to them in DEC2015.
One of the daughter to whom flat was alloted against land from promoter has sold such land in march2016.
What is the implication of tax unfer income tax act..What is the remedy to avoid tax..How i can protect my client from such ..
CAclubindia
