A B and C are 3 brothers.They had a ancestral property in joint names
A is childless,B is having 4 sons and 3 daughters but very poor and C was very rich and affluent with 5 children who are also well settled in life.
A and C had gifted their share in the above property (total 2/3rd) to Mr.Z,the eldest son of Mr.B in 2005
A B C died long back.
Mr.Z sold above property for Rs.1.00 crore,kept 67 lakhs for himself ( 2/3 rd share of A and C) and distributed Rs.33.00 lakhs towards his father's share( Mr.B) to his brothers and sisters including his own share (33 lakhs divided by 7)
Now,whether his share of Rs.67.00 lakhs gifted by A and C is a taxable income.Whether the 1/7 th share in Rs.33.00 lakhs is also taxable income for 7 children of Mr.B
Please kindly clarify this point