Dear experts,
An assessee has received some immovable property, Investment after death of aunty (chachi), is it taxable in the hand of assessee or not. She left only a married daughter as legal heir & spouse and no "WILL" was made. Kindly advise.
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PROPERTY RECEIVED AFTER DEATH OF A RELATIVE
Replies (4)
If will was not made, only daughter can get her inheritance. To daughter it will be tax-exempt.
Inheritance is not taxable.
Until and unless legal tranfer of possession was not made , no taxability arises.
you can't take that property or investment unless a will or gift deed was executed in your favor.
if no will or no gift deed that her daughter will be the owner of that property and investment and it is tax free in her hand.
For more information see video link below.
https://www.youtube.com/watch?v=VsJzRtwNRWM
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