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Will

This query is : Resolved 
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(Querist)
10 September 2012 In a will mother has distributed the property in the following manner

40 % to Son X
40% to Son X's wife
10% to grand son Y
10% to grand son Y's wife

On the death of mother
can X, his wife and his son Y relinguish their share and transfer it only to Y's wife without any tax liability?

Please tell early.
Please also mention any judgement if possible

Thanks in advance
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
13 September 2012 Relinquishent of right is a capital asset and accordingly capital gain shall arise on relinquishment of such right.

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