How to use proceeds from sale of property

Hi team,

We are 4 legal heirs for the house property

The property is sold now.So Please clatrify below questions ASAP.

1> Whether we have to keep the sale proceeds or the net taxable amount in capital gain tax scheme.

2>Whether we can keep that money in savings account and what would be the taxability on the hand of each legal heir?

3>Whether individual legal heir can use the money as he or she wants.

4>How the taxability would be calculated i.e the net sale proceeds after cost acquisition would be devided among the legal heirs or any other methods are there.

Regards

Swetapadma Mohanty.

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