Hi,
My father (senior citizen) owned a shop on a pagadi basis for the last 30-35 years. No we have sold it(actual transfer). Now there will be transfer of tenancy rights from my father to new tenant thrugh landlord. And we will receiving the payment fro this transfer as mutually agreed between new tenant and my father.
1. is the payment received from this tranfer subjected to any tax ?
2. If yes then how can i save the tax ?
Thanks,
Hitesh