Tax liability on jointly inherited property

@ Mr. Member Account Deleted,

Why was your account deleted by Lawyers Club Of India i.e., this platform ?

The amount was received in consideration of share of all 3 LRs of deceased owner, accordingly taxable in the hands of receipants in terms of provisions of Income Tax Act, 1961 

it would be better to consult a local chartered accountant / tax consultant.

You have not mentioned Date of inheritance and date of sale, based on which Capital gains is calculated.

To reply specifically to your general query, all the joint holders need to show their share of capital gains in their respective IT Return for the period in which the sale had taken place.

To ensure that tha captal gains is properly calculated, please engage a good Income Tax Practitioner or CA to handle the matter and ensure that the procedural aspects are complied with.

Yes, a CA is better placed to assist you.

All of you have been passed a unique reply and same were dissevered for legal solutions. Now we have need some more information to find out some additional reply instead of above mentioned, and these questioned also find out by Mr. Kappagantu and is as under:

1. Date of Purchase of property, Purchased cost that time.
2. Date of sale of property, value of sale time
3. Find out cost of acquisition
4. Find out sale consideration and other deduction (several forms of deduction) related property or residence i.e. stamp paper, registration and other expenses, etc.

In view of the above, necessary information is required for calculate Capital Gain in your matter.

In cases of inheritance, the original cost of acquisition is not relevant. The market rate as on the date of inheritance is relevant

Please note that it is not a simple matter which can easily be clarified ina Legal Forum.

As already advised, please contact a Chartered Accountant or Tax Consultant with full details and documents, who shall help you to do the needful.