My mother and her brothers are planning to sell off their ancestral property for an amount of Rs. 12 lakhs. I want to know the following:
1. Will she be liable to pay capital gains tax (@ 20%) on her share of the income (4 lakhs) , or are ther any exemption conditions specifically applicable to ancestral property ?
2. What is the approximate stamp duty that the buyer of this property needs to pay ? This deal is being conducted in Orissa and we suspect a desire on the part of the buyer about not disclosing the entire sale amount, so that he can save taxes.