Hello Sir/Madam,
My father along with my uncle and aunts inherited the agricultural land from my grand father. The agricultural land was purchased by my grand father before year 1980 in Amravati district of Maharashtra. My father along with my uncle and aunts sold the property in 2009. The amount was equally shared amongst everybody.
It will be a great help if you could help/guide me on following points
1] If the capital gain tax is applicable on this transaction?
2] If yes, then will that be equally shared among all 5 persons?
3] My father did not invest the amount to any other facility as the financial situation at that was not good. My father invested major portion of amount in fixed deposit giving returns on monthly basis. Will this be considered as investment against the tax liabality for this tax?
Thanks & Regards
Avinash Patil
