Gift under inheritance.

Forums Budget 2018 Gift under inheritance.

Gift under inheritance.

My father’s cousin brother wants to give me some property and cash under inheritance as he has no child so I want to know that is there any tax implication in my hands? And is there necessary that a separate deed is made for every Gift received?

Profile photo of Vijay Nahta Asked By: Anonymous 1 replies 0 helpful answers Last Updated: 10 months, 4 weeks ago
  • Profile photo of Vijay NahtaAnonymous

    My father’s cousin brother wants to give me some property and cash under inheritance as he has no child so I want to know that is there any tax implication in my hands? And is there necessary that a separate deed is made for every Gift received?

  • Profile photo of Chetan ChandakChetan Chandak
    Moderator

    Your father’s cousin may not come under the definition of covered relative for you and any gift received by you from your uncle during his life time may become taxable for you. But if you receive it under will or inheritance then it will be exempt for you.

    You can also plan taking these asset in your HUF as it may help you saving significant taxes.

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