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Mahesh Padmanabhan |124 Answers |Ask -Follow

Tax Expert - Answered on Feb 04, 2023

Mahesh Padmanabhan has specialised in payroll, personal and corporate taxation for more than two and a half decades, enabling him to provide practical, realistic and correct advice to his clients.
He is a member of The Institute of Chartered Accountants of India and has a degree in cost accounting from the Institute of Cost Accountants of India.
He is also a qualified information systems auditor. ... more

Question by kedar on Feb 01, 2023Hindi

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Hello Sunil ji, I am kedar & age 61, asking a question regarding the taxation on the amount of inheritance to my wife. After death my father in law (sasur ji) few years back, My mother in law (my sasu ma) had taken a decision regarding the agricultural land in their small town, which was purchased by the grandfather of my wife (father of my father in law) is develped and made it in the NA plots as per town planning scheme. these plots are now ready to sale. My sasu ma want to disribute the amont sold of these real estate plots., to her three married daughters including my wife. sir, here please guid us, regarding the amount recieved to my wife through her mother's house, is liable for any tax like capital gain or it will be treated as gift tax free amonut from mother's house as a stri-dhan (à¤¸à¥à¤¤à¥à¤°à¥€-à¤§à¤¨) and treated a tax free inheritance amont from her parants. kindly guide. thanks.

Ans: Hi Kedarji
Based on your question, apparently on property records, your mother-in-law is the owner of the land. I do not wish to get into the legal heirship aspect of the land post your father-in-law's demise and hence i would restrict my answer within the perspective of your query.

As your MIL is the legal owner and she is the person selling the land, she will be the person liable to tax for the capital gain arising on sale of the NA land.

The distribution of the net sale proceeds to the 3 daughters could be treated as gift backed up with the relevant paper work such as executing the gift deed etc., to ensure that there is no further taxability to the 3 daughters

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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Hello sir My mother selling a plot (residential land) and going to get amount of 40 laks, she wish to give that money to me (son) . She is a housewife mean not a income tax payer. 1.Did she need to pay tax. If so how much? 2. And if she given to me after paying tax should i also need to pay income tax.

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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