Dear sir
i)My parents expired in 1999 leaving one no. two storied House(1200sq ft) and agricultural land(20 bigha) in West Bengal without making any will.
ii)The above properties were purchased by my father in and around 1947 from another person.
iii)We are two brothers and three sisters being the legal heirs.
iv)Recently in the FY year 2013-2014 the said properties were sold for a total sum of Rs 30 Lakhs and the sale proceeds were distributed equally between the legal heirs i.e two brothers and three sisters.All of us submitted Pan card no at the time of sale.
v)Whether the above transaction will attract capital gain tax in the hand of the recipients? If so,how to calculate the tax in view of the acquisition of the properties made by my father in 1947 and the same sold in 2013-2014.
Kindly help and guide us.
s k majumdar
Audit Manager
CAclubindia
