Sir,
My mother bought a residential house in Delhi for Rs.1.50 lakh in 1999. She expired in 2015 without making any will. My father has also expired in 2007. We are five brothers & sisters. A relinquishment deed was executed in my favour, without any consideration, by rest of legal heirs. Now I intend to sell this residential house for approx Rs.20 lakh. Kindly tell me the tax liability/implication on me for the same.
Also please guide if the total sale proceed is equally devided by we five brothers/sisters, then what is tax implication.
With regds.
K L Grover
CAclubindia
