My father and another person co - owned a basement. After his death , our father is survived by 3 legal heirs. There is a person ready to buy this property. My questions are :
1. To attach names of the 3 of us to the property in Pune what is the procedure
2. Can the 3 of us sign a relinquishment deed in favour of the partner of our late father in lieu of some monetary compensation
3. Would the money we get out of selling of this property be taxable or non - taxable ?