Suppose I own a inherited house property with another 3 co-owner. The land was purchased by my Grand father in 1958, and the house was constructed in 1960. Not sure about the cost of acquisition and construction at that time.
In 1985, the house was renovated with a cost of 1.2 Lacs.
In 2001, the house was renovated with a cost of 2 Lacs.
In 2013, the house was again renovated with a cost of 50 Thousand.
In FY 2019-20 we gave it to a builder to construct apartment where we Four got total 6 number of Flats and 6 number of garages (Builder 50% and we 50% ratio). Now Four co-owners of us kept 4 Flats and sell 2 Flats outside and distribute the money amongst us equally, say we got total 80 Lac out of the sales proceed, and took 20 Lacs each.
How the capital gain is going to be calculated in this case for each person ?
Can anyone help me please ?
CAclubindia
