Dt. 7 August 2023, Monday

We all should pay taxes on time. And in this case, there is a lot of confusion regarding the tax if someone has Inherited any property. So we need to know when the inherited wealth is taxed. Apart from this, what assets are included in the inheritance? Let's discuss about it in detail today.

The wealth of our ancestors is very important to us. Selling these assets is very difficult. If we look at taxes, we know that this is very difficult. In fact the tax on the Inherited Property can be paid when we have to sell it.

What assets are included in inheritance assets?

There is a lot of confusion regarding inherited assets which assets are ultimately called inherited assets. Inherited property includes the land or property inherited from our father, grandfather or great-grandfather. Or any property we get from mother's family i.e. from Nana, maternal uncle or any other relative is called inherited property. And information about these assets has to be given as per Income Tax Section 1961.

Income tax rule regarding inheritance property

There are certain rules under the Income Tax Act regarding inherited assets. According to the Income Tax Act, if an asset is inherited before 1 April 1981, the owner of the asset again has an option to sell the asset at fair market value. But if the inherited property is acquired after 1 April 2001 then the cost of acquisition is considered to be Rs.50,000.