Ancestrsl property was in the name of my self and my sister. It was in the name of my father since 1959 , on his death, it was got transferref in to our name jointly in 2013
It was sold for 30 lakhs, the fair value of property might be 2.4 lakh on 2001
I have 2 major children, son and daughter
My sister also have 2 major sons(since, they do not have right on this property till their mother is alive)
The sale deed included the name of my self, my two children and my sister as seller of property.
Out of sale value of 30 lakhs, 13 lakh transferred to my a/c and 17 lakh to my sisters/c by the buyer of property and same is mentioned in sale deed
Two days later I transferref rs. 4.35 lakh each to my both children a/c as their share
My son is working his income is 12 lac pa
I am retired and my income is 8 lac pa
My daughter is student and she has no income
What is tax liability to my self and my children.
Can we share the sale amt of 13 lac differently to save tax(myself and my children)
CAclubindia
