tax treatment for inherited property
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 February 2010
Kindly let me know what would the tax treatment be for inherited property?
Also, does investment in government approved bonds (NHAI, REC) reduce one's tax liability?
Also, does investment in government approved bonds (NHAI, REC) reduce one's tax liability?
24 February 2010
There is no estate duty now. Only income from inherited property will be taxed in the hands of legal heir. Investments in govt. approved bonds are eligible for exemption u/s 54EC of I. Tax Act,1961.
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