4 brothers (Hari,Ramu, Venkat ,and Mani) were to receive an ancestral property by inheritance. Two Brothers Mani and Hari gave a no objection certicate stating that they do not want to claim their share of the property .So the ancestral property was received by Ramu and Venkat equally.
In the same year from inheritance Ramu and Venkat sold the property for Sale Consideration 3200000.
Both filed Return and Paid their respective Capital Gain Tax+Normal Tax.
Ramu paid an amount of Rs 800000 by cheque to Mani and Venkat paid an amount of Rs 800000 by cheque to Hari.
What are the tax Implications in the hands of Mani , Hari ,Ramu ,Venkat
Query:Can the amount of Rs 8 lac be exempt from Tax under section 56(2) in the hands of Hari and Mani
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