How to manage the tax on income gained by selling property?

My father has a property value of which is approximately 80 Lakh. We want to sell it. I have one brother and one sister (married in 1998). If required the income can be divided into 5 equal parts. My Father, My Mother, My sister, me and my brother.
Can anybody suggest the best way of managing it

How to manage the tax on income gained by selling property?
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2 Replies to “How to manage the tax on income gained by selling property?”

  1. Yes, division of Income gained may reduce the burden of tax on your property…

    Properties sold after three years of acquisition, long-term capital gains tax applies.
    The only way is to invest the gains in another property in the 3 years after selling.
    Not sure, but no tax will be applicable in that case if you buy another property after selling your father’s property

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  2. the first thing first u need to calculate the amount of capital gain…then to evade tax you can follow many methods without dividing the income in 5 parts….their are many schemes covered in section 54 of the income tax act…but for that you have not given the enough details what is the cost of property…why are u selling it will you buy another property…or this was just for investment purpose…when did u buy the property if the property is more than 36 months old its a long term asset for you and you can then only get the indexation benefit…any improvement made on the building…using the above details u will have to find the cap gain…u don’t pay tax on the full 80 lakh u pay tax on 80L – Icost of acquisition Icost of improvment expence on transfer
    icost means indexed cost

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