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Ajay Itakikar (self employed)     21 March 2017

ancestral property

Is the property acquired form ancestral property income or selling it before partition, should be treated as ancestral or self acquired? Under which section, act?


 4 Replies

Ajay Itakikar (self employed)     21 March 2017

Read 'from' instead of 'form'

Ajay Itakikar (self employed)     21 March 2017

Read 'from' instead of 'form'

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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