How do we avoid tax on division of property?

We understand that your query is in relation to a residential house property inherited by you along with your three siblings.

- Parizad Sirwalla

My three siblings and I inherited an apartment from my father after his death. Since both our parents are no more, we intend to sell this flat and distribute the money among the four of us. Is there a way to avoid tax on this? It is not written anywhere in my father’s will that it’s a gift. —Manasi Kadane

Any gain or loss arising from sale of such inherited property shall be chargeable to tax as capital gain or loss for all of you in the year of sale.

As there is no specific gift deed nor any specific ratio specified in the will, the gain on sale of such property jointly inherited by you and your siblings should be taxable in equal proportion (subject to review of the actual documents).