Posts Tagged “does”

Income-tax law does not consider all inherited assets as ancestral property

By |

Income-tax law does not consider all inherited assets as ancestral property

Not all properties that you inherit can be termed as ancestral property for tax purposes. Ancestral property is defined as one which a person inherits from any of three immediate male ancestors—father, grandfather and great grandfather. Properties inherited from any person apart from these three relations are not considered as ancestral properties, according to the Income-tax Act,…

Read more »