My mother-in-law (90 yrs old) wants her property (agricultural land) valued over a crore. Whatever she has so far is all white money. The value of this property when purchased in 1972 was just Rs 10000/-
Wants to know:
a. What payment from the buyer to be agreed. (how much by check and how much by cash).
b. What is the tax impact on her on the capital gains (she is 90 yrs old)
c. She is willing to declare even the cash portion and invest as per the requirement of laws.
Response for above will be appreciated.
Lenin DSouza
