Posted on: 15th Sep, 2012 03:37 am
My mother-in-law is the legal owner of the house in which our joint family stays and the house is now on sale and we as legal-heirs get our share. What is the creteria of income-tax for us getting gift money & also for my mother-in-law?
Hi POOJA,
As far as income tax and gift tax is concerned, it will be better if you could contact a tax adviser and take his opinion in this regard.
Thanks
As far as income tax and gift tax is concerned, it will be better if you could contact a tax adviser and take his opinion in this regard.
Thanks
Hi POOJA!
Welcome to forums!
As far as gift money is concerned, the person gifting you the money or the property will be liable for paying the gift taxes.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As far as gift money is concerned, the person gifting you the money or the property will be liable for paying the gift taxes.
Feel free to ask if you've further queries.
Sussane