Kamal Verma (Financial advisor) (582 Points)
18 February 2023Dear experts,
An assessee has received some immovable property, Investment after death of aunty (chachi), is it taxable in the hand of assessee or not. She left only a married daughter as legal heir & spouse and no "WILL" was made. Kindly advise.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177736 Points)
Replied 18 February 2023
If will was not made, only daughter can get her inheritance. To daughter it will be tax-exempt.
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 18 February 2023
Income Tax Wala: (Fin. Expert)
(Chartered Accountants)
(2015 Points)
Replied 19 February 2023
you can't take that property or investment unless a will or gift deed was executed in your favor.
if no will or no gift deed that her daughter will be the owner of that property and investment and it is tax free in her hand.
For more information see video link below.
https://www.youtube.com/watch?v=VsJzRtwNRWM
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