Partition of property between members of a family

Shammi Arif Saifi (Querist) 26 March 2010 This query is : Resolved
What should be the treatment of amount received from my family on my partition.

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Shammi

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niranjan (Expert) 26 March 2010
If you have accepted the partition,the amount you received has become your absolute property and your share in the family property extinguishes.

G. ARAVINTHAN (Expert) 27 March 2010
If you prepare to receive money instead of share in partition, then you can get the owelty amount and the same can be made in the terms of partition

B K Raghavendra Rao (Expert) 27 March 2010
Amount received by you in partition should be treated as your share in the property and taxable.

Kumar Thadhani (Expert) 28 March 2010
It is considered to have agreed to accept you share in your partition of the family properties.And that part of share also extends to tax obligation.

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