Question on capital gain

MADHAV JHANWAR (Student CA Final ) (29 Points)

15 December 2015  
one husband and wife purchase a buliding on1/1/1978 for rs.8000 and they have two childrens.further he incurred rs.50000 for construction on 1/1/85 and husband died on 1/4/2004 and wife died on 1/4/2008 and now son wants to sell building for rs.80 lac. now q is wether capital gain is taxable in the hands of son and please give your suggestion