Hey,
You and your mother will share ownership of the property equally because your father passed away intestate, or without leaving a will. But you do not have to incur any expense for inheriting your father’s property. Currently, the idea of taxing inheritance does not exist. Property belonging to a person would be transferred to his or her legal heirs upon death. Without a doubt, this event represents a transfer of something for nothing. As a result, it can be regarded as a gift for income tax purposes. The transmission of assets by will or inheritance is specifically exempt from gift tax under the Income Tax Act of 1961. As a result, the inheritance-related property is not subject to taxation under the legislation.
I hope you found a solution to your query.
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After my father's death, if he does not left the Will, I am his Son, only legal successor. How much expenses I have to incur to get the house in my name.
Anil Anand
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1
3 Year
2022-07-11T12:53:04+00:00 2022-07-11T12:53:05+00:00Comment
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