Tax on Purchase of Inherited Property from Sibling

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  1. Trudy

    Trudy New Member

    Hi
    Request on current governing tax laws on inherited property and the angle of buying out the same from a sibling.

    Thanks
    Truman
     
  2. Karan Batra

    Karan Batra Well-Known Member

    Kindly refer this link for tax on inherited property - http://www.charteredclub.com/inheritance-tax/

    In case of purchase of inherited property from sibling - it would be treated in the same manner as purchase of property from a third person
     
  3. Trudy

    Trudy New Member

    Thanks Sir
     
  4. Trudy

    Trudy New Member

    Seek your guidance in handling this transaction by way of a recommended source. There a lot of questions cropping up, who should apply for a loan, wife n myself have a self occupied flat held jointly, she being the 1st holder. Better tax rebate for me or wife? Tax liability for my retired 62 year old brother? And ways to reinvest the sum to minimize tax & add to his retired source of income etc.
    thanks
     
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