My Father jointly registered property in his and my name in 2001. I was 7 years old at the time.
Soon after in the year, he entered into an agreement with a builder. In Exchange for his land the builder gave him one commercial flat in his new building. The building was completed somewhere in 2004 or 2005.
Father expired in 2007 and legal heirs were me and sister.
We sold the property recently and received 40L. I am unclear as to the tax implications especially since I am only 19 and a student, never filed a tax return nor do I earn any income.
The Sale Deed stamped by the Sub Registrar mentions this :
"The Vendors assure the Purchaser that the SCHEDULE B Property is their inherited as well as absolute property and that none else have any matter of right, title or interest over the same and they have unfetted right to transfer the property without any objections or claims of of any kind, or inteference from anybody or any Government Authority and the same is not subject to any charges, attachments, or claims of maintainence, or any wealth tax, income tax or capital gains tax etc."
I dont understand. What is my situation tax wise?
