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Parential property taxable or not

This query is : Resolved 
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(Querist)
09 August 2011 Dear Friends,

I need one clarification from you. One of my client who is regularly filling IT returns.Getting his share from his father.By way of land and building. Is it taxable or not. If taxable means in which section. Please reply for this query very urgently.
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CS Bijoy

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CS Bijoy (Expert)
10 August 2011 It will be taxable in wealth tax if after adding the asset it exceed the exemption limit prescribe under wealth tax.
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
11 August 2011 It is not taxable under the Income Tax Act.
However, as said by the expert, in case his net wealth exceeds Rs 30.00lacs, he may be liable to Wealth TAx.
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