Sir, Actually my mother has brought a vacant land in Bangalore in 1995. All most 22 years land. Now we are trying to sell the land for Rs. 30,00,000/- to one of the party. My mother age is approx 55 - 60 years. The party is transferring the funds through RTGS to bank directly. Please inform whether we need to pay income tax for LTCG. Also if mother divides the property amount in 3 shares ie., (Parents, son & daughter) even we need to pay tax. please confirm immediately
