Sale of apartment by legal heirs and taxation

What is the sale value of the apartment as per sale deed?

Sir it is 8.5 lacs..

 According to section 269SS of Income Tax Act, while selling Immovable Property, 100% penalty will be levied if seller has accepted an amount of Rs. 20,000 or more in cash from the buyer.

Has money been deposited to daughter's accounts?

Not yet sir.yet to be  deposited.

They were unaware of acceptance in form of cash.since the buyer had sold some property in his village and had ready cash transaction was done in cash only 

Please confirm that as per stamp duty paid sale deed the sale value is 8.50 lakhs. Because any planning will be based on that figure.

Sir MV was  9.40 and they sold for less than it for 8.5 lac as the building was 16yrs old.

Is it sufficient compliance if cap gains is proportionately shown in tax returns of mother and daughters 

Sir MV was  9.40 and they sold for less than it for 8.5 lac as the building was 16yrs old.

Is it sufficient compliance if cap gains is proportionately shown in tax returns of mother and daughters 

Now based on the sale figure of sale document, i.e. 8.50 lakhs, calcualte total capital gains after indexation of cost of aquisition and cost of improvement, if any. Divide the LTCG in equal ratio, if no specific share ratio mantioned elsewhere. I don't see any tax liability arising on any of them.

U were great help sir. Finally one clarification:

Say 300000 cheque was already deposited in mothers account.1.5 lac given to grandmother. Remaining four laks will be deposit in one daughters account.

The property was purchased in March 2000. Sale 8,50,000;indexed cost of acquistion 7,95,308.Capital Gains of 54,692 should be shown in tax returns as jointly earned between mother and the daughter in whose account  money is deposited.

Is this correct sir?

Not correct method; as legally all four are equal owners (as per inheritance). If all four had not signed the sale document, you may change as per their internal understanding. 

If any sister wants to gift the gain amount to her sibling, a declaration to that effect can be made before depositing the total amount in one sister's account, but better to deposit in individual accounts and then give transfer cheque.

Secondly, you may escape filling return of one or two, as income below taxable limit, but better to file nil returns of all four.

Thank you DhirajLal ji u were great help.Thank you so much sir.

My pleasure.