hi friends,
I just bought a property from my brother for 10 lacs although we DID NOT do any registration yet as I am out of india. My brother had bought it for 9.5 lacs in early 2010. Our lawyer has suggested that to save the taxes we can show that your brother gifted this propety to me.
1) I would like to ask that is it fine to do so. Will there be any other implications on me or my brother from ownership point of view or tax point of view ?
2) Now, in case we show that I have bought from him for 9.5 (OR EVEN LESS THAN THAT) lacs or something then will my brother have to pay any kind of taxes ? I am planning to do registration in Feb 2013 once I am in India.
Please advice