India does not have a direct inheritance tax, but inherited assets may attract other taxes. Calculate tax implications.
Money or property you receive under a will or by way of inheritance is not taxed as a gift in your hands (Income Tax Department, tax treatment of gifts: https://www.incometaxindia.gov.in/w/tax-treatment-of-gifts-received-by-an-individual-or-huf-1). Tax can still arise when you sell it (capital gains), on income it earns (rent, interest, dividends), and as stamp duty and registration charges when property is transferred.
Gifts received from specified relatives are not taxed. Gifts from others are taxed as income if the total value received in the year exceeds ₹50,000 (same Income Tax Department page). This calculator covers inherited assets, not gifts.
Q: Is property received through Will taxable?
A: No, property inherited through a Will is not taxed when you receive it. Capital gains tax can apply when you sell it. The cost of acquisition is generally the previous owner's purchase price, and the previous owner's holding period is added to yours (Income Tax Department capital gains guide).
Calculatr