In-equal Share Of Money From Agriculture Land Sale

Dear client, I'm sorry to hear about the passing of your father. Regarding your queries: Equal vs. Unequal Share: In general, it is possible to distribute the proceeds from the sale of property unequally among siblings as long as all parties involved agree to the arrangement. It is advisable to create a written agreement or will to document this distribution and ensure there are no disputes in the future. However, it's always recommended to consult with a legal professional to understand any potential legal implications or restrictions specific to your situation. Tax Implications: In India, the sale of agricultural land may have tax implications. As of my knowledge cutoff in September 2021, capital gains tax may be applicable on the sale of agricultural land if it is located in an urban area. The tax treatment can vary based on factors such as the holding period, the nature of the land, and its classification as agricultural or non-agricultural. The tax rate and exemptions also depend on various factors. It is essential to consult with a tax consultant or chartered accountant to understand the specific tax implications in your case. Minimum Share Requirement: There is no specific minimum share requirement for siblings when distributing the proceeds from the sale of property. The distribution can be agreed upon mutually among the siblings as long as all parties are in agreement. However, it is advisable to consult with a legal professional to ensure compliance with any relevant laws or regulations in your area. Tax on Sale Proceeds: Generally, agricultural land sale proceeds are exempt from income tax in India. However, as mentioned earlier, there may be capital gains tax implications depending on the location and nature of the land. It is crucial to consult with a tax professional to determine the specific tax treatment applicable to your situation.