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Release deed property share transfer - income tax

This query is : Resolved 
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(Querist)
11 May 2019 My father and his friend bought property jointly. My father has passed away. His friend agreed to transfer his 50% share in the property to us legal heirs without any consideration. We accordingly executed release deed in favor of us legal heirs without consideration. Can this execution of release deed and transfer of property share to legal heirs from non-blood relative constitue transfer under the income tax and whether any tax payable by legal heirs on this transfer of share in immovable property?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
11 May 2019 Under section 56 of the Income-tax Act, any property received without consideration from non relative which is exceeding Rs. 50000 is taxable on your hand.
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Parul

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Parul (Querist)
11 May 2019 so share of property transferred has to be in excess of Rs.50,000?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
11 May 2019 Yes...............................................
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