As per the social practices, we know that one’s assets and property pass on to their legal heirs, such as grandchildren and children after they pass away. In several countries, the legal heirs are required to pay Inheritance Tax in order to inherit any such assets or property from your grandparents or parents or any other friend or relative. However, there is no such law relating to inheritance tax in India.
With effect from 1985, the Estate or Inheritance Tax was abolished in India.
Tax on income from inheritanceSometimes, the inherited property becomes the income’s source through interest or rent to the owner. So, when the heir becomes the owner after inheritance, this income goes to him. As a new owner, the heir is required to pay the tax on inherited property india.
Tax on subsequent saleThe heir can sell the property as the new owner if they want. But they need to remember that the capital loss or gain will also be accrued to them as a legal heir.
I hope now you have the answer to the “what is inheritance tax in India?” question. I hope you like my answer
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What is inheritance tax in India?
Manishankar
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2021-08-17T16:26:12+00:00 2021-08-18T09:39:30+00:00Comment
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