Will
This query is : Resolved
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
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
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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