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.
No Tax... enjoy your gifts........
Check with the society what documents to furnish in order to transfer the membership/ownership title of the said flat in your name.
Chirag P Shah & Co. Chartered Accountant
Pune
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