our mother passed away leaving an intestate house property. we are three brothers and one sister and have signed and registered a relinquishment deed in favour of one brother on the understanding that he will sell the house property and distribute the consideration money equally amongst all brothers and sister. I would like to know if my brother who will sell the property is only liable to pay capital gain tax or all of us; what will be our tax liability on the money received by us as gift from our brother selling the property.
1 Answer from Attorneys
one brother cannot sell it and it is better if you all file a suit for succession and get a decree in favour of you all to avoid taxable consequences. you my also seek partition of the property by metes and bounds or by sale.
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