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Tax on Inheritance


Sarika Agrawal   28 February 2021

Sarika Agrawal

 8 points

| My Other Post
An ancestral house is valued at Rs. 1 crore on the death of the father. Now one of the son is taking the house and paying Rs. 50 lakhs to his brother as his share in the house. Will the son paying the amount of Rs. 50 lakhs be liable to Tax. Whether it will be considered as Inheritance or Gift to the other son.
SUSHANT BIDAYE

SUSHANT BIDAYE   28 February 2021

SUSHANT BIDAYE

 19 likes  321 points

View Profile | My Other Post
If there is no will, and only 2 heirs.

then giving 50 lakhs won't attract any tax.

but proper documentation needs to be maintained .

theses are my prima facie views based on the facts disclosed.

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