Long term capital gains on sale of property

Nominee is not an sole owner, which means that nominee will be a care-taker, a trustee of the flat until a settlement is reached amongst the legal heirs. If there are 4 sons, then each is entitled to be 25% owner of the flat. They need not be proper members of the society. They may draft a settlement deed wherein they all agree, declare and confirm that all 4 sons are the legal heirs and rightful owners of the flat. If all 4 sons can wait longer, then they may even opt for succession certificate or letter of administration from the high court. Submit the settlement deed to the society. The remaining 3 sons may submit form 7 and become associate member of the flat. Upon sale of the flat, all 4 sons shall be beneficiary of the sale proceeds by entering their names in the sale agreement along with their 25% share. Each should receive the sale proceeds directly from the buyer or else the first member will have to alone bear full long term capital gain tax.