tax treatment for inherited property

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

24 February 2010 Kindly let me know what would the tax treatment be for inherited property?

Also, does investment in government approved bonds (NHAI, REC) reduce one's tax liability?

CA Vijay Kumar Gupta

CA Vijay Kumar Gupta (Expert)
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24 February 2010 There is no estate duty now. Only income from inherited property will be taxed in the hands of legal heir. Investments in govt. approved bonds are eligible for exemption u/s 54EC of I. Tax Act,1961.