I got share in immovable property as well as cash in the will of my father 2 years back.
is it taxable in income tax act ?
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Tax effects on inheritance of property and cash
Replies (1)
As per Sec 47(iii) of Income Tax Act, any transfer of capital asset under a will shall not be considered as taxable transfer for purpose of Capital Gains. Hence transfer of immovable property from father under will shall not be considered as taxable transfer and hence not chargeable to tax.
Also there is an exception under Sec 56(2) where cash received under will shall not be considered as taxable income.
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