My wife's uncle passed away , before which he wrote a hand written will . The will states that my Father in law will be responsible to sell his ( uncle's) property and distribute it among 10 others mentioned in the will. Will my father in law be liable for capital gain tax? Will he have to get a legal heir certificate to sell the property ?
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Capital gain query
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The asset is transferred in you'r father name while on tranfer there will be no capital gains as it's exempt under Gift section of Income Tax act but when you will sell the property it will attract the capital gain and for that purpose cost of acquisition to be taken as the cost of previous owner and accordingly indexation benefits to be taken.
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