Release in favour of daughter in law
This query is : Resolved
P.Madhivadhanan
(Querist)
06 April 2024
Mr.x died in an accident. His legal heirs are his mother, his wife, his two major children. He has two shops and a house in tamilnadu. His mother wants to release her share in the above property to his daughter in law. Is it possible? If it so what is the tax liability to his mother and his wife for the transter between his mother and his wife's hands?
Nikhil Kaushik
(Expert)
06 April 2024
there is no taxability in this case under income-tax act. Check for local stamp duty laws in Tamil Nadu for applicable stamp duty.
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