Dear Client,

Hello, 

Since you are the legal guardian till then attain the age of minority you are liable to pay the taxes as applicable. 

Regards 

you and your children are tenants in common 

each is entitled to 1/3rd share in sale proceeds

so tax has to be paid on the said shares by the respective recipient 

1.  You will be able to claim 100% Long Term Capital Gains (LTCG), since the Title (100%) is in your name on revenue records.  The minor children do not derive any benefits out of it, neither today nor in future.

2.  HOWEVER, the twist is that since the mentioned property is an "ancestral property", the minor children derive title-rights over such property "on becoming major".

3. Further, another twist is that you would have to take Courts permission, to sell the share of the ancestral property, that the minor children legitimately stand to inherit in future.

4.  HOWEVER, "IF" you have received this ancestral property via a "partition or settlement deed", THEN point no. 2 & 3 are not applicable for any legal proceedings.

You say it is an ancestral property which you legally share equally with your son and daughter, but in the same breath you add that the title is in your name. Further, it is not clear whether you wish to sell the entire property or your undivided share alone. Please clarify the factual position.

The deal can't be legally done without their consent and noc.  You need to do all the obligations of taxes. 

The person who receive the sales proceed will be entitled to pay the taxes

you have to pay tax on your share

whereas your son will pay tax on his share

as regards your minor daughter, you can pay her tax on her share, in capacity of her natural guardian

For minor children you need to pay taxes and file returns in your ITR returns. Further for minor child.permission from court is required to sale the property.

You have to pay tax for minor share and permission is compulsory.

If you receive the said sale proceed in their respective names then they will be applicable for taxes. And for minor being guardian you will pay then taxes

How can you differentiate with children just to avoid tax. You being legal guardian of children, liable to contribute to secure their property. 

Buy FD.

you are liable for their tax share 

Kindly clarify on what basis you say it is ancestral property 

property  which  has remained undivided for  4 generations is ancestral property 

you would have to pay tax as property is standing in your name 

better option is to execute gift deed for one third share in property in favour of son and daughter 

You would be liable to pay tax as property is standing in your name only 

Execute gift deed in your children name 

Firstly you cannot sell the share of minor child in the property without the permission of court of law.

Or you may have to wait until she becomes major to sell the property jointly.

The long term capital gains tax has to be paid by the sellers of the property

As I opined earlier, your son can join you to sell his share in the property along with you, however you cannot sell your minor daughter's share in the property without the permission of court, this would be invalid.

The tax is to be paid by all the sellers if there are any long term capital gains tax applicable.

If the property is on your name alone then you can sell the property by yourself, you need not take the consent of anyone. 

If you are selling the property yourself you need not share the sale consideration amount with your children and such sharing will not exempt you from payment of any taxes as applicable. 

If the property is on your name alone then you can sell the property by yourself, you need not take the consent of anyone. 

If you are selling the property yourself you need not share the sale consideration amount with your children and such sharing will not exempt you from payment of any taxes as applicable. 

ancestral property cannot be sold without consent of successors in case of major and in in case of minor you might have to take permission from the court. And if property disposed without consent can be reclaimed. 

Dear client 

There is no way you can evade the tax liability from the sale proceedings as our tax system has been evolved digitally and can trace any theft of tax easily and if try to evade tax on name of your children then tax department will trace it easily and which will get you under the scrutiny of tax department.

Patta is not a document conferring title; it is merely one evidencing title. You cannot sell any property on the basis that the patta stands in your name. When you sell the ancestral property, either you may sell your undivided share or all the co-sharers may join in the sale. In your case, you have to legally represent your minor daughter, besides yourself, and your son has to join in to execute the sale deed. However, you have to keep the proportionate share of your daughter in a fixed deposit with a bank in her name till she becomes a major. Tax burden shall be shared by all the three of you equally.

1. As per the information mentioned in the present query, makes it clear that the property is of ancestral nature which makes it clear that you all three have equal share in the property.
2. Now, as per the information given by you, it is also clear that there is no problem of consent from the rest two.
3. You need to understand that he property will be sold as whole, but not in three parts, even if you mention in the sale deed that property has been sold in three equal shares, still it will go as one to the buyer.
4. So, tax would be on whole area. But, yes if you sale only your portion of area then tax would be on that only portion.