Hello All
After death of my mother property is sold and divided into parts
Buyer is paying cash and cheque to my father.
I am going to buy new Flat now.
I am going to get official share of 10 lacs by cheque from my father. And I will get my investment from mutual funds and collect mroe 6 lacs to pay official cheque including dastavej of my flat. So official value is 16 lacs.
My father is telling me he will give me cheque of 10 lacs and then I have to give cheque to builder.
I want to know i have to pay income tax on 10 lacs?
Is there any way to pay lesser tax?
