Tax on gifted property
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 September 2016
My Aunt(Chachi) has given me a gift (Shop) on 1999. Now she is no more. I want to know the tax implications
i) Incase i sell the property
(Whether any tax liability will occur on their sons/ legal heirs by selling the gifted property?)
ii) in case i let out the property on rent
(Rented income will account in my gross income or in the legal heirs income?)
i) Incase i sell the property
(Whether any tax liability will occur on their sons/ legal heirs by selling the gifted property?)
ii) in case i let out the property on rent
(Rented income will account in my gross income or in the legal heirs income?)
Amol S Joglekar
(Expert)
01 September 2016
Since your aunt(Chachi) is no more, the income whether by way of capital gain or rent will be taxed in your hands.
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