Hello everybody,
My father has sold some ancestral land worth 6.5 L (passed on to him by inheritance). He wants to give that money to me as I am in the process of buying an apartment here in Bangalore.
In what ways can he pass that money to me?
What will be the tax implications for him and me?
My father is 67 yrs old, falls under 3.5L annual income bracket and he has sold this land at guidance value (value of property determined by the govt.). My yearly income is >10L.
Will there be any LTCapital gain tax for him? I guess not.
Pls. suggest.
Thanks