Some 35 years ago, my father in law , alongwith his 3 collegues, purchases a plot in Aurangabad and constrcut 4 residential flats for each on that plot. That time everyone contribute Rs. 40000 each.Atter he passed away, 10 years ago, without making a will, ownership of property is now in name of my mother-in-law and 4 sisters. Now other 3 owners want to develop that plot and as we are not interested,we want to sell off our share at a consideration of 60 lakhs.
Now what will the tax liability ? Is there any way to reduce it to zero ? or what will be the mimimum tax in this case ? Did indexation applies in this case also ? If we bough long term capital gain bonds, after holding them for 3 years we can redeem them and save entire tax ?
please help me ! Thank You !
CAclubindia
