My grandfather and my grandmother both had expired six years ago. My father along with two other brothers make three share of the ancestral house.
recently All three brother sold the house and distributed the amount among themselves. Two brothers have purchased new individual house in their name within three months of sale proceedings.
My father is not willing to purchase any house.
Will he be liable for Capital gains tax. or The amount invested by other two brother can be considered as Capital gains invested in property for tax exemption. In that case Can my father deposite the amount in Bank as fixed deposite.
thanks in advance.
