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Last Updated On 10-Jul-2020
Tax-Property Tax

Property selling between sibling

Our father left one property with valuation of around 80 Lakh. We are four brothers settled in different place of state. Now we have decided that one brother should own this property. Can one brother pay 20Lakh each to all three brothers and take ownership father property. Any tax liability on this transaction. Brother who is selling to other three brother can take loan for same. Your advise will be helpful

( Kanpur, Uttar Pradesh )

09-Jul-2020

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Yes, it can be done by executing sale deed/ relinquishment deed. Please consult CA for tax clarifications.
Posted On 10-Jul-2020
Kishan Dutt Kalaskar
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