According to India Succsession Act 'WILL' means the legal declaration of the intention of a testator with respect to his property which he desires to be carried into effect after his death. Income tax aspects of transfer arising on account of will are equally important to the understanding of other critical aspects of will. This video will let you know the answer to various related queries like:
Whether ‘Transfer’ through ‘WILL’ is taxable transfer ?
Whether ‘Transferee’ receiving asset under Will is taxable ?
‘Cost of Acquisition’ and ‘Period of Holding’.
‘Taxability of Income’ received under a Will.
‘Income of a Minor’ from asset received under a Will.
Are you liable to pay tax liability of ‘Will Writer’ ?
I hope viewers will find it worthy for their reference.
Relevant provisions of Income Tax Act 1961 in this respect are section 47, 49, 56(2)(x) and section 159 etc. in addition to other general provisions.
In case of any query you may write in comment portion.