Pls advice :- one our property at our native place purchase by my late father long time back and same was transfer to my mom name after my father pass away.
we are 4 brother & 4 sister.
Presently we are planning to sale that property and need to share with all member, we are staying in rent flat and need to buy own small house which is in budget after sharing.
After selling property around we each member will get around 12 to 15 lack what we are expecting from Buyer for our land and same we plan to buy own flat with in budget.
Do we have to pay tax, if we all pay tax then we will be in short amount, were this is not a black money and we are investing to buy our own flat instead for paying rent.
buyer will pay cheque in favor of our mother name and she will distribute to us whatever she decided the amount for every child.
Kindly advice us how to work on it to save TAX and other so we can buy our own flat for further happy life.
your earliest reply would be highly appreciable.