Income from will

Dear Sir,

In case of will, property gets transferred after the demise of that person. As during the lifetime of your father property does not get transferred, income will also not be transferred.

Instead of that your father can gift the property to your major son. Income generated from the property will be taxable in the hands of your son. It can't be included in the income of your HUF.

please feel free to call/ revert in case of any doubts

Thanks and Regards

Abhishek Dugar

CA CS B.Com

Hi,

if the immovable property is received as a gift under the following circumstances, it will not be subject to income tax in the hands of the recipient: They are gift received from a relative, received on marriage, under a will, by way of inheritance, from a local authority, gift received from any fund or foundation or university or other educational institution or hospital or other medical institution or any trust or institution referred to in section 10(23C) and gift received from any trust or institution registered u/s 12AA.

in relatives grand son is also included.

as per the clubbing of income provision, till the life time of your father any income generated from the said property will be included in your father's tax return.

Sir the grandson will get the property only after demise of Grand Father. Thus during the lifetime of Grand father the grand son cannot declare the income from property. Also the income cannot be shown in HUF. Only when the property is legally transferred he can show in his own or in HUF

Hello Sir,

I will comes into force only upon the death of a person. Till the time he is alive it is his own property. If you want to transfer a property when a person is alive then you will have to enter in a gift deed.

Trust this clarifies your query.

Feel free to call / get back in case of further clarifications.

Thanking You.

Regards,

Rohit R Sharma

BCOM, ACA, LLB-GEN, CERT. FAFP.