my father along with seven other people[total 8 brothers and sisters] have sold the self acquired property of my grand father [built in 1940] and divided the proceeds 30l among themselves in a ratio as agreed upon by them.my question is does any capital gains arise out of this sale of inherited ancestral property?if yes does it have to be paid in total or in the ratio of proceed obtained by each person.in case of the 2nd option how is the acquiring cost determined for each person?
secondly only 3 people have regular income[pension] and file returns while the rest have not been assesed for tax ever.
so if only these 3people declare their individual gains, would the it dept be in a position to scrutinize the return and send notice to the remaining 5 people[which i want to avoid as they are above 70years ]
i would be really thankful for ur learned replies.
CAclubindia
