There are 6 Family members . One father, Two Sons Three Daughters. The sold some ancestral property( house) for XXXX amount in 2010. Except father and son none of the others are ASSESSES OF Income Tax till date. None of them shown this amount in their IT Returns. Though Father and Sons are assesses they didn't. As that Daughters are not assesses they didn't show this not even intimated to IT dept. about this transaction.
This a property got by father from his ancestors. And at the time of selling all these 6 peoples done the signatures as a family members. Amount is deposited into each of 6 members SB accounts through DDs.
Now father and Two sons are passed away recently. Only wife of father , Only Wife of each son and Three daughters( as said in first sentence) are alive.
This is not the property acquired by daughters. As a family members and had a right to get they received amount while selling. Will this daughters amount attract " Capital gains".? If so how much tax each may attract?.
What about the Tax position to deceased persons/ their families?.
Pl. reply.
