Calculation of tax for the gift received
My parents left no will. There are 4 properties self acquired by my father. He died in 1998. Since then these properties remained undivided. We are 5 sisters and one brother. One of my sister is an advocate. After prolonged discussion till 2012 i filed for one sixth partition suit in 2012. My advocate sister raised objection and sought particular portion of property as settlement which others did not agree.In March 2015 she died and we asked the court to divide six shares amongst five. At this juncture her Junior who is advocate produced unregistered will in court which showed that in case the said dispute is not settled then he will get 50% of her share in all properties and the rest 50% to other sister who lived with her. As a compramise we sold one property and paid 50% of sale value to him in lieu that he leaves his rights on other three properties.Accordingly we compramised in lokadalat and the judge put a condition that he should execute relinquishment deed in favor of all of us.We have paid him 50% of sale value as agreed earlier.Now while executing relinquishment deed the actual market value in other three properties are more than what he recd as settlement. Since his CA told him that he will have to pay capital gains on the balance amount he refused to sign.Now another advocate suggested that his rights being relinquished be treated as gift.So on verifying we understood that the amount will add to our individual income which will be difficult for us to pay heavy tax. Since gift will be easy for him and difficult for us is there any method by which we can claim waiver from Income tax as the property under question was ancestral in the hands of my sister and he transferred it under will now. So can you help how to save huge tax?
Asked 8 months ago in Income Tax from Greater Mumbai, Maharashtra
Please guide how to save the tax as i have to execute the doc immediately to get my properties relieved from the will
Asked 8 months ago
Pl help me in saving tax in this matter as it is a huge amount
Asked 8 months ago