My Father died without a will.We are 2 brothers and 2 sisters and mother.Is it legal for one brother to transfer the property rights to other brother by way of Release Deed-irrevocable POA from all the other living members of the HUF.
Also we had entered the names of all legal heirs in the records of the authority who sold the plot on lease to father.Now if we want to sell the plot , will the proceeds be taxable or only Stamp duty needs to be paid.
As it is a Paternal property,should we pay tax if the proceeds are being distributed between 2 or 3 members.If yes how will the tax need to be calculated.Is it calculated as difference of Cost price on the purchase (and ruppe value as of today) and Sale price or ?
