Dear Sir,
Recently I have got a share out of the property (Inhertied from my grandfather).
I have received 1flat measurng 450 sq feet area and an cash of approximately Rs. 20 lacs.
I wanted to know what is the tax on this amount...
what will be my tax liability .
what is the best way to reduce the tax burden...
Gifts received by way of Inheritance is not taxable since this has been exempted u/s 56(2)
The gift received is tax-free. However, documents supporting this gift given to you will be helpful in the long run.
Check with the society what documents to furnish in order to transfer the membership/ownership title of the said flat in your name.
CAclubindia
