15 April 2009
We have a ancestial property. Where my father, my brother, my uncle and his son were inhereints of the property.
Now since father expired, will it automatically the share of my father transferred to my mother, myself and bother? what procedure is to be followed?
My mother (who is senior citizen) is also received rent of 3,81,000/- in this year from the said property since father expired. How tax liability will be calculated thereon?
15 April 2009
After expire of your father then share of your father in that property automatically transferred in the name of your mother except his had made any Will.
2. Income from that property is belongs to your mother's income and she will be liable to pay tax under the head of Income from House Property.
3. If you are creating your HUF then you will not get benefit from that property because that property belongs to your mother.
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