Tax exemption on getting fathers property part in terms of cash

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29 Points Posted on 22 April 2021
Sir/Madam
I want to know that if there is any exemption on income tax for getting money in cash on father's property part
and money will be approximate 10 lac.
Or can we reduced our tax liability with this money by some other provisions.
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On 22 April 2021 at 13:11 Report
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Quick Summary
This discussion explores whether there are any income tax exemptions for receiving cash from a father's property, specifically around £10 lakh. The user is seeking clarification on taxability and potential provisions to reduce their tax liability on such inheritance. The query aims to understand the tax implications of receiving a significant cash sum from inherited property.

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Chartered Accountant
24588 Points Posted on 22 April 2021
It is taxable
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On 22 April 2021 at 14:20
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2742 Points Posted on 25 April 2021
Please elaborate ,
1 Reply
On 25 April 2021 at 10:33

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