Mr X died in estate leaving behind 7 legal heirs , land costing Rs 28000/- purchased in 1978 , building constructed and completed in 1980 ( cost and value as on 1/4/81 unknown )
The property was sold for Rs. 4200000/- in April 2016 and distributed equally through deed. One of the 7 legal heirs died and his wife along with 2 sons are entitled to take share of Rs. 200000/- each.
2 sons gave power of attorney by virtue of which their mother received 6 lakhs and deposited in joint bank SBI account .
If the son gift or relinquish money in favour of their mother now whether cap gain arises in case of son.
Another situation, in absence of power of attorney, if three separately issued cheques deposited in joint account with their mother, and mother issued cheques separately to them, whether and how much capital gain arises in case of son.
How FMV as on 1/4/81 be determined to find cost , can self assessment be made to find if any capital gain arises or not.
CAclubindia
