Income tax on share of ancestor property
Sam Jose
(Querist) 07 March 2015
This query is : Resolved
My father wanted to sell his as well as my mother’s property (Mother is no more). We all children (legal heirs) are ready to sign for registration. Do I need to pay Income tax for my share? I wanted to put it in my bank. Please advise.
Atul
(Expert) 08 March 2015
The tax liability on the income needs to be computed to arrive at its taxability for which relevant details are to be provided.