Ajay Itakikar (self employed) 21 March 2017
Ajay Itakikar (self employed) 21 March 2017
Ajay Itakikar (self employed) 21 March 2017
Rama chary Rachakonda (Secunderabad/Highcourt practice watsapp no.9989324294 ) 22 March 2017
An Ancestral Property means a property inherited from father which was inherited by him from his father. This mean if a property in inherited from a father to his son and then him to his son then such property becomes ancestral in the hands of grandson (grandson includes granddaughter also) and father includes mother also).
On the other hand, if a property is inherited from his father/mother which was purchased/got transferred in their name by them through his own resources or if a property is purchased by anyone in his name, such property is called self acquired property.
GANDHI MOHAN BHARATI (Pensioner) 22 March 2017
If the propert was that of a Hindu Undivided Family and if that HUF had a PAN, and if one had inheriutted the property, and if he is married, he can create a HUF under Income Tax Act and seek a PAN for the same. In that case, the income or Capital gains will be that of a HUF.
Better consult a CA.
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