Hi, We have a ancestral property, bought by my grandfather in 1940's, my father are 3 brothers but my father passed away sometime back and hence my mother is a share holder in this property now. Now the family plans to sell this property and share the amount equally in 3 parts (my 2 uncles and my mother). I want to understand the tax liability for my mother on the amount she receives via this sale. My mother is a housewife and is not working, what will be the tax implications and if she has to pay tax, how can we save maximum? Please guide.
This property is in the Uttar Pradesh (specifying in case laws differ from state to state)