Income tax

Dear Rajesh,

This is a case of total partition.

Share received by you (Being by inheritance - by will) is not taxable and hence no need to pay income tax on it.

you need not to pay tax now but when you sale this property then the capital gain would be taxable. And for computing the captial gain you have to consider the cost of acquisition and imrpovement of previous owne who has first aquired the property from 3rd party and not the current market value of Rs.40 lacs.