Property inherited by virtue of a WILL
Querist :
Anonymous
(Querist) 09 June 2011
This query is : Resolved
sir,
I have inherited a property standing in the name of my deceased father by virtue of registered WILL.Wheather that will be treated as a self accquired property?Please let me know the legal position concerning to Income tax Act so also civil act.
Devajyoti Barman
(Expert) 09 June 2011
Yes, that will be treated as the self acquired property.
PALNITKAR V.V.
(Expert) 10 June 2011
It will be your self acquired property
adv. rajeev ( rajoo )
(Expert) 10 June 2011
If it is self acquired property of your father then it is valid and absolute property of yours because you have got it thru., will. If it is ancestral property then you father could have right to make will to the ext5ent of his share.
prabhakar singh
(Expert) 10 June 2011
since you got it by "will", with regards to I T law no TAX as GIFT TAX etc., is attracted but when you will sale it CAPITAL GAIN TAX SHALL BE ATTRACTED?
In civil law property can be acquired by several way,such as,by purchase,by receiving it as gift,by getting it via will from owner or by succession or by rule of servivorship.In cases of purchase I T law demands you to explain income should a case arise,and in case of gift subject to some execptions gift tax is attracted,but in rest of the cases nothing but capital gain tax is attracted at time of sale.
Guest
(Expert) 10 June 2011
experts rightly adviced.
