Capital gains tax

This query is : Resolved

K Rajan (Querist)
Follow

13 August 2017 My father had purchased a property on 26/02/2001 for a value of Rs.3,21,000/-. Myself along with my brother and sister (3 members) inherited the property as legal heirs after my father's demise. The said property was sold by the three legal heirs on 09/08/2017 for a value of Rs.11,40,000/-. In this regard, I request the tax experts to advise me about my Capital Gains Tax liability.

K Srinivas, CMA CS

K Srinivas, CMA CS (Expert)
Follow

13 August 2017 Since 3members have inherited the property, the capital gains will also be applicable individually equally to all 3 members.

K Rajan

K Rajan (Querist)
Follow

13 August 2017 Thank you Mr.Srinivas. However, I would like to know the exact capital gains tax liability in terms of money for the three of us. Could you please calculate and let me know, please?