realted to transfer of property

sharath (Querist) 13 March 2008 This query is : Resolved
sir ,

my father have transfered the property into his name which was on my grand father. after his death (the property was shown to the income tax department on my grand father name as an individual )
now for this he should pay any extra taxes for it(ie income tax or give any letter to it department as it is transfered)

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Prakash Yedhula (Expert) 15 March 2008
The tax due to inherited assets arises if income is generated by these assets or the assets are sold.

manmeet singh arora (Expert) 16 March 2008
Mr sharath

1.first procedure is to give an application to the department stating the facts that your father has transferred the property in his own name
2. the facts should contain the copy of death certificate along with legal heir certificate and the property transfer papers which makes your father the owner of the existing propety.
3. the income tax department will notify your father whether there is any tax pending or which has to be incurred by your father.

best regards