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mother willing to sell land and divide between sons
01-May-2023 (In Property Law)
Mother owns vacant land. She wants to sell and divide the proceeds equally to her sons.. What is the procedure and advisable legal formalities? What is taxable? Is there exemption if reinvested in property or construction?
If she is the owner of the land then she is at liberty and its her choice to sell it and give the sale proceeds in the proportion she desires. She can sell the land and make a will of the sale proceeds to ensure that her sons do not neglect her when she is in the last stage of her life.
Or else, she can reinvestment in another property within 3 years will entitle her to claim capital gain.
Or else, she can reinvestment in another property within 3 years will entitle her to claim capital gain.
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Adv. Siddhant Sharma
Delhi | 200+ Answers
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