sir/s
my uncle is about to sell a property(20 years old) worth of Rs.1,00,00,000. He plans to construct a house out of such sale proceeds.He has spent some lakhs for his heart surgery(he has all hospital bills) and backbone surgery ,surgery in leg ,done(he has all hospital bills) for his wife and marriage expenses for his son and daughter. he got rs.20,00,000/(twenty lakhs) as hand loan from various close relatives (without any promisory notes)for all these expenses.Has he to pay any tax for such sum if he sells? is there any income tax problem in future? all these are deductable amount from sale proceeds please advise.
