A freind of mine has got his ancestral house in Kolkata. The house was built by his grandfathers father almost a 100 years back. His grandfather had 2 more brothers. Today none of them are alive & there are now 11 people in the family related to these 3 persons. The house is now ready for sale & my freind and his mother will be getting their share of the sale value.
No one is aware of the aquisition value of the house & in the last 10-15 years, there has been no major repairs.
In view of the above, what will be the tax implication & how it can be avoided?
Please suggest.
Thanks.
CAclubindia
