Implications of inherited property

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

19 September 2014

In case of immovable property with rental income which has 4 inheritors ,please advise the income tax and wealth tax implication for the inheritors.Also any other legal aspect that needs to be considered.
Experts pl advise

Nikhil Kaushik

Nikhil Kaushik (Expert)
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20 September 2014 since it is a rented property, so there is no wealth tax implication

for income tax, the proportionate share of rent shall be taxable as income from house property in of the inheritor's hand