gift of property sale income

Querist : Anonymous (Querist) 08 April 2011 This query is : Resolved
sir,
we have sold our inherited house and got 6 lacks each i.e. me,my mother and my brother as our individual share.
now i want to purchase a flat in my name only and for that my mother & brother will gift me their 6 lacks amount(coming out of the house sell) to me.how to do that in a proper way?what is the tax liability of my mother & brother?please advise me thoroughly.

Thanks in advance.

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A V Vishal (Expert) 08 April 2011
Details insufficient.

R.Ramachandran (Expert) 10 April 2011
Please indicate where is the property situated.
When was the property acquired and at what cost?
Now I take that the property was sold for Rs. 18 lakhs.(In the year 2010-11 i.e. prior to April 2011).
Please also tell as to what will be the cost of the new residential house proposed to be purchased by you.
On knowing the above information, it will be possible to give answer to your query.

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