A person owns a plot of residential land in a cooperative society.After his demise it passes on to his two sons as per nomination submitted in society office,What are the tax implications?
1 Replies
CA C.JANANI
(partner)
(270 Points)
Replied 10 October 2012
There are no tax implications as on death a person can pass on his wealth to his desendents. Now if the sons sell the piece of land capital gain may arise to them or wealth tax implications may be there depending upon value. Otherwise no issues on inheritance.
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