Sir,
I would like to know the law for legal heirs as my father in law has left a Bunglow in the join name of himself and wife of 50% each share and boyh have expired.He also has a Agricultural Land and N.A Plot farm house,He also has a N.A plot in Punjab, he has also left cash in 2 different banks without naming Nominee.
Now there are 7(seven) children and 1(one) daughter in law of one son (IN total He has 6(Six) Sons & 2 daughters of which one son expired) Now they all want equal share of all.How can be that done as there is no will and internal disputes among three sons for their personal individual business of give and take pending.Also the Widow daughter in law who stays seperate for the last 25+years and the son was independent also wants maximum or equal share.
Kindly advice how to divide the same as all want to dispose and recieve cash.What will be the tax liability will gift tax be attracted and if yes the how much.
Kindly reply with suggestion,
regards,
Babu
