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inheritance tax


What are the paper works for inherited money of 20 lakhs as there is no tax for inherited money.
 
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Advocate

From whom did you inherit?

By what means you inherited the same?

 
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Inherited from my father regarding share in ancestral(grand fathers) property.
 
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Advocate

I understand it is the share of money given to you after sale of the ancestral property.  If that be so, whether capital gains tax was paid or not?

 
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I have no knowledge of capital gain tax, I was just paid 20 lakh as my share. Does it have any effect on my share.
 
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Advocate

Ask them who paid you Rs.20 lakhs whether they have paid capital gains tax or not?  

You should know as to what was the sale price.  What is your share.  If what you got i.e. Rs. 20 lakhs is exactly your share from the sale proceeds (i.e. if 100 lakhs is the sale consideration and you have 1/5th share and got Rs. 20 lakhs) it means no Capital Gains has been paid.

Then you have to pay.  Capital Gains tax is 20% of the capital gains.

Without knowing this, you have gone to the conclusion that "there is no tax for inherited money". 

 
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