Property tax related query

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This discussion clarifies the tax implications when a person inherits property from their deceased grandfather but doesn't initially declare it for income tax. Subsequently, when this property is gifted to the next generation, it's confirmed that neither the son nor the grandson will incur any income tax liability on these transactions. Gifts between close relatives are generally exempt from income tax in the UK.

Piyush Bhatia

Piyush Bhatia (Querist)

24 March 2023 please inform if a person dies without will and his property gets transferd to his son but not mentioned in income tax and later on (after few years ) he transfers the property to his son as gift what are the tax compliances?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

24 March 2023 Gift to relatives exempt from income tax.
No income tax applicable on such a case.

Piyush Bhatia

Piyush Bhatia (Querist)

24 March 2023 sir just confirming grand father (Mr X) died and son( mr Y) registered in his name but forgot to show in income tax and later on he( mr Y) transfers the property to his son (mr Z), will there be any tax on MR Y or Mr Z?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

24 March 2023 No tax on both of them.

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