Sale of apartment by legal heirs and taxation

Swetha K (CA Final Student) (41 Points)

10 November 2016  

Hi Friends,

I have a query which was asked by my friend:

They are a family of four-widowed wife(friends mother), 2 daughters(my friend and her sister-both married), mother in law(grand mother of friend)
The apartment which they sold in 2016, was in the name of my friends father. After his demise in 2008 in the legal heir certificate all these four names were mentioned and also the sale deed was registered with these four names as sellers.
Purchase consideration was shared by the mother(3 lac in cheq), 2 daughters (2 lac each-paid by buyer in cash),mother-in-law(1.5 lac also paid in cash)
Now, for declaration in IT can the property be show under capital gains for each one of them in proportion of 1/4 and taxed accoringly?
Or how should it be declared? The cheque is deposited in the mothers account, cash deposited in daughters' account.
Kindly advice.