In a slae of property there are 50 vendors who shared the sale consideration. This includes couple of persons who never had any interest in the property in question. These are advocates and their names are not there in the title deed of property ( earlier purchase deed).
Now the consideration received from them amounts to
capital gain??
or Income from profession ( where no concessional tax rates are not applicable).
How can there be 50 sellers of a property? What kind of property is this? And if their names are not present in the earlier purchase deed, then why are they receiving the sale consideration? In that case, their cost of acquisition will be nil.
the property is was purchasednsome 75 years back jointly by 7 person. Of 50 persons are 48 are legal heirs ( three generations).
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