hello, can we sell ancestral land with consent of all share holders without doing partition. we want to sell one ancestral property immediately can we do it without waiting for partition. on whom tax liability would be levied ?
Dear querist, to me, all the legal heirs of the ancestral property shall sale the same to a buyer. If you want to sale your share you can do it. But for enttire property, all the other legal heirs shall relinquish their right in favour of you or give you POA. For tax purpose which tax? either Income Tax or Stamp duty?