Tax implications of inherited house property

amit (Software Consultant) (97 Points)

28 March 2023  


Please help to understand tax implications(if any) for inherited residential property

We are residing in the property in question and property is in name of my father, who expired few months back

it has now 2 legal heirs , while 2nd legal heir like to relinquish her part in lieu of cash amount from 1st legal heir

what would be tax implication (liability or benefit) on 1st legal heir for taking over half of inherited property and purchasing other half by giving compensation to 2nd legal heir


should we go for gift deed or sale deed (or any other deed) ??? to transfer this property to 2nd legal heir, to avoid major transfer charges or tax liability??? in delhi


Kindly help