incometax

Querist : Anonymous (Querist) 01 February 2011 This query is : Open
Sir,
A aided managment school in tamil nadu having eight management members sold for Rs.2 crores documented.
For 8 members it is divided.
School built up by their father in the year 1935 with periodic renovations etc.
The cost of property is not at all available in the wills etc.
What is the tax consequences and arrive at the tax liability of each party.
If anyother thing to be noted specially please inform.

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