Ancestral property

Q: What is an ancestral property?

Promit C, Bangalore

22nd April 2013

Real estate News in Bangalore

properties in bangalore

ancestral property

inherited property

Follow Discussion

Also see discussions for

Bangalore Real estate News Real estate News in Bangalore

Replies (5)

Once you inherit an ancestral property, you automatically become the owner of the property and same law or tax rule apply if you had bought the property. For an NRI, if the inherited property is the only property, then no income tax payment is required but if the NRI possesses more properties in India then computing notional income on the second property is required.

Chetan Hansraj, Bangalore

24th April 2013

Comment

According to Income Tax Act in India, if an individual either NRI or resident has more than one property, then one of the houses will be considered as self-occupied and is excluded from tax payment and no income tax is charged on self occupied property. The other house , whether it is put on rent or not, will be considered to be given on rent and payment of property tax is required on the second property.

Dushyant, Bangalore

24th April 2013

Comment

Real estate also has certain tax challenges like other investments. According to an expert, there is no inheritance tax in India so if an NRI inherits an ancestral or parental property then no inheritance tax is required to pay.

Pranab Malakar,

24th April 2013

Comment