 "Kuldip Kumar")
My father-in-law had purchased a vacant land lot around 50 years earlier and constructed a house on it immediately, given on rent. This is his self-acquired property. He has three daughters. Now, he is considering selling the property and dividing the proceeds equally among the daughters. Or to gift the property to one of the daughters, who in turn will pay equal sums to her two sisters. In this regard, please clarify :
a) On sale of the property, what is the income tax liability on my father-in-law? How to avoid payment of any tax?
Any gain made
a) On sale of the property, what is the income tax liability on my father-in-law? How to avoid payment of any tax?
Any gain made
