https://www.taxtmi.com/caselaws?id=358221 Inherited agricultural land sold by co-heirs raises capital gains issues where the sale proceeds are received in the respective accounts of the widow and sons, because taxability should follow the actual sharing of consideration and be examined in the hands of the legal heirs in equal shares. For inherited property acquired before 01.04.1981, the cost of acquisition must be determined under the applicable statutory scheme by reference to fair market value on that date, rather than by applying nil cost. Claims relating to indexation and allied deductions also require reconsideration on proper computation. en-us Wed, 04 Apr 2018 00:00:00 +0530 Sat, 07 Apr 2018 07:57:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=358221 Inherited agricultural land sold by co-heirs raises capital gains issues where the sale proceeds are received in the respective accounts of the widow and sons, because taxability should follow the actual sharing of consideration and be examined in the hands of the legal heirs in equal shares. For inherited property acquired before 01.04.1981, the cost of acquisition must be determined under the applicable statutory scheme by reference to fair market value on that date, rather than by applying nil cost. Claims relating to indexation and allied deductions also require reconsideration on proper computation. Case-Laws Income Tax Wed, 04 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=358221