15 February 2011
sir, firstly good day for you As i want to ask you regarding my grand father property .he has a property ,and want to sell in 1,50lakh .he has 5 daughters and wants to distribute all the money b/w all of them he is no income tax assesse . he doesn't want totax payable to govt so in this circumstances what procedure he adopt. plz give me advice regarding you
Guest
Guest
(Expert)
17 February 2011
Property should be directly gifted to your sisters first and the sisters should sell the property as joint property. You will be able to reduce your tax liability substantially.
CAclubindia
