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.

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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.

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