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Taxability

Neha Mishra (@student) (234 Points)

12 February 2014

cash of Rs. 5 lacs received by a lady from her three brothers after the death of her farther for withdrawn of right from property. .. is it taxable????

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4 Replies

Mihir (Wealth Manager) (5293 Points)
Replied 12 February 2014

What document has she signed against receiving 5 lacs in cash?

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Neha Mishra (@student) (234 Points)
Replied 12 February 2014

No docs signed If docs required Then tell me sir

Mihir (Wealth Manager) (5293 Points)
Replied 12 February 2014

Since there is a property involved, the process of transfering the property from the father to his childrens is that they have to furnish a Will duly probated from a court. If the father passed away intestate, then one will have to furnish letter of administration or succession certificate from the court. The children may decide among themselves who shall be the rightful owner of the property. In this case, the three brothers want to give 5 lacs to the sister, in turn she will let go of her rights in the property. She will have to prepare a release deed duly stamped and registered wherein she is releasing her rights, interest and claims giving details of her percentage share in favour of the three brothers against a one-time payment of Rs. 5 lacs.