Q.I recently inherited some movable property from my grandfather after he passed away. Is there any tax implication for me regarding this inheritance? — Vinod S. According to the Income-tax Act, 1961, there is no tax levied on inheritance of property, whether it is movable or immovable. Hence, the movable property you have inherited from your grandfather will incur no tax in your hands.Q.My father had some ancestral property, but he passed away without writing a will. I am married and have two brothers, who are now claiming that I have no right over this property. Can I stake a claim to this property and contest my brothers in a court of law? — Binati S. Ancestral property cannot be willed to anyone and is passed on to the next three generations of legal heirs by virtue of their birth, as long as the property remains undivided.
Also, as per the Hindu Succession (Amendment) Act, 2005, daughters have the same right over ancestral property as sons. Since you are a legal heir, you have the same right over your father’s ancestral property as your brothers. Your marital status will also have no bearing on your legal right to this property.
Hence, you can stake a claim to this property, irrespective of your brothers’ claims.Q.My husband was the karta of our Hindu Undivided Family. He passed away recently. I have two sons who are minors. Can I take over as the karta of this HUF till my sons become adults? — Shanti Triphathi In an HUF, wives are considered only members, not coparceners, since they join the family by way of marriage.
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