My friends father (Mr. X) and mother (Mrs. Y) (both of them are senior citizens).
Mr. X got 250 sq yrds of non-agricultural land from their fore-fathers (before 1970). Mr. X has no pension(earlier worked in a private firm). Since they (X and Y) are old and they do not have any source of income, they are planning to sell the 250 sq yrds land for their survival and medical needs.
The sale agreement is as follows.
Total amount for sale consideration: 21 L
Total amount for registration : 11L (buyer depositing in bank)
Balance amount to be given by buyer : 10L (in cash)
For their secured life, whatever the amount received they are planning to deposit in bank.
Please suggest best possible solution (including purchasing any other short term bonds) to handle the tax implication.
