New Delhi, Aug. 4 -- My father-in-law had a residential house in Jodhpur. He had eight children. After his death, my wife got 1/8th share in 2010. She passed away in 2017, and after her death, ownership rights of her share were transferred to me and my two sons. We have sold our shares for Rs.1.02 crore and have received Rs.34 lakh each on 30-07-2024 through a registered sale agreement. Rs.1.02 lakh was deducted and deposited as TDS (income tax) in 26 QB (16 B). What are the tax liabilities for each, regarding the share of the house sold? Is TDS deposited refundable, and how?

Since each of you owned 1/3rd of the share in the property sold, the 1/3rd share of the long-term capital gains will become taxable in your respective hands. If you...