cpc

property tax issue


I have a property which was purchased more than 30 years ago under the names of various family members. Due to some reason, my name was not included in any of the plots(the property is big enough to have several plots, some of which are registered under multiple joint names).

 

I am owner of 25 percent of the whole property but on papers, I own less than 5 percent of the total land.

a) Is there any way, I can acquire remaining 20 percent from other family members without paying huge taxes.  

b) If all family members have a consensus to sell the property, how do I get my share of the sale proceed with minimum tax?

 

P.S. This is an agricultural land, if that matters.

Thanks,

Ajay

 
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Advocate

by way of  gift deed sale proceeds can be transfered in your name.

 

Regards,

Advocate Rohit Dalmia

9324538481

Mumbai

 
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Thanks Rohit.

That  implies even can be transferred as Gift(pardon my ignorance in this matter). Is that correct?

 

Also, gift deed can be done only between immediate blood relatives. Is that correct?

 

Thanks,

 

Ajay

 
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