India does not have a direct inheritance tax, but inherited assets may attract other taxes. Calculate tax implications.
India abolished estate duty in 1985. There is NO direct inheritance tax in India. However, inherited assets may attract: (1) Capital Gains Tax when you eventually sell them, (2) Income tax on any income generated from inherited assets, (3) Stamp duty and registration charges when transferring property.
Gifts received from specified relatives (spouse, siblings, parents, grandparents) are exempt from income tax. Gifts from non-relatives above ₹50,000/year are taxable as income.
Q: Is property received through Will taxable?
A: No, property inherited through a Will is not taxable at the time of inheritance. However, capital gains tax applies when you sell it. The cost of acquisition for capital gains is the original purchase price paid by the deceased (indexed from that date).
Calculatr