Ram (B) 08 March 2018
Hello,
A question about property inheritance.
a) If I own a plot of land, and I leave it to my nephew or neice (brother's children) in my legal WILL, what taxes will they have to pay when they inherit the plot?
b) Same question as above, but for a house on plot of land (not empty plot).
Thank you.
R.Ramachandran (Advocate) 08 March 2018
No tax either on the person who is bequeathing or who benefits.
However, when the beneficiary sells the property, then Capital Gain will gets taxed in the hands of the beneficiary.
![Dr. MPS RAMANI Ph.D.[Tech.]](/img/avatars/my_avatars/84227.jpg)
Dr. MPS RAMANI Ph.D.[Tech.] (Scientist/Engineer) 08 March 2018
You have got the reply. By plot of land do you mean agricultural land or non-agricultural land? For agricutural land outside specified areas there will be no capital gains tax, if and when you sell.
Kumar Doab (FIN) 09 March 2018
You can benefit from above advice..
Member Strength 9,46,711 and growing..
© 2024 LAWyersclubindia.com. Let us grow stronger by mutual exchange of knowledge.
