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J S Sastry (Sr President (O))     22 November 2012

Will

Hello,

I have some shares and a plot of land purchased from my savings, besides accounts in banks. I have one son who also is the legal heir to my assets. I read somewhere that if I execute a will bequeathing my assets to my son, he does not have to pay tax on the assets and if he inherits the assets on my demise, he has to pay tax on these assets. kindly clarify



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 1 Replies

rushitsheth (Lawyer)     31 December 2012

If your query is egarding Income Tax, then your son shall not be liable to pay income tax on the property inherited by him whether you create a will or not. Makes no difference.

Hope that was helpful.

All the best.

Rush*t Sheth (Advocate)


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