Query

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MD FARAZ AHMAD (Querist)
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02 February 2013 dear sir/mam
i want to know that , my client husband died and on behalf of client husband property she received rs 40,00,000 as an final settlement from his husband own property or from his ancestral property. so i want to know that whether this said amount rs 40,00,000 will be taxable or not or whether it should be show in ITR ? And if so taxable then how much amount is taxable..
please reply to my query as soon as possible..

Ankit Garg

Ankit Garg (Expert)
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02 February 2013 Nothing is taxable on receipt of property on death of husband, however it will be taxable on sale.
Cost of Acquisition will be acquisition cost in the hand of deceased and period of holding will be count from that period, it has been acquired by the deceased person.