How do we avoid tax on division of property?

livemint.com:

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

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). Where the property has been held for more than 24 months prior to sale, the same will be considered as a long-term capital asset and any gain or loss arising from its sale shall be considered as long-term capital gain (LTCG) or long-term capital loss (LTCL).

Else, the same shall be considered short-term capital asset and any gain or loss arising from its sale shall be considered as short-term capital gain (STCG) or short-term capital loss (STCL). For calculating the period of holding of such inherited property, the tenure for which the property was held by your father (being the previous owner), shall also be considered. The capital gains or loss will be calculated as the difference between the sale consideration and cost of acquisition and improvement.