My mother had in 1995 purchased a plot in Bangalore for Rs 1 lacs. We are looking to sell land for Rs. 30,00,000/-.
My mother is approx 55 - 59 years old.
Please inform if we need to pay income tax.
Also if my mother divides the property amount into 3 equal amount (son, daughter, parents); whether they also need to pay tax.
Is there a way this tax can be exempt? We are very poor and trying to sell land for marriage of my 2 siblings. If we are going to gift the amount for my sister and their 2 daughters for the purpose of marriage, is there benefit on income tax?