Capital Gain Tax

Divide the sold property amount in among 3 and you can invest this amount in capital gain scheme.

the whole amount of capital gain will be chargable to tax unless the capital gain amount is invested in another house property ( u/s 54) within 2 years. 

Dear Bimal, 

Tax will have to be paid on the capital gain by  Mr X unless he invest amount according to section 54, 54EC etc.

If he does not claim exemption, then pay tax on capial gain and remaining sum he may distribute to other brothers (as gift) taking into the consideration of tax paid.

I hope you have calculated the Capital Gains by applying the Indexation to the Cost of Acquisition.

In my opinion,

If A has transfered the same to his son X  at adequate consideration, then X will have to pay CG in 1991, and A has to pay CG now. Nothing to be paid by Y and Z.

If A has transferred the same by Gift, in that case, the CG to be borne by A and neither the sons X,Y,Z.

However, he can claim exemption u/s 54 or 54EC.

mr. sunil is correct