Inheritance of agriculture land by son on demise of father in 1995
11 months ago
My father expired in 1995. He had some agricultural land in his name in UP. The land was transferred to me in 1996 in land records. Though the land was transferred in my name, it was being managed by one of my relatives. I was not getting any income out of the activities being done on that land. Since the land is in my name and i do not have any inclination to use it for my personal gain, I wish to sell it. Do other members of the family, namely my mother and sister have any share in the proceeds likely to be obtained from sale of this property? Would the income made from sale of this land be taxable?
A.Dear Client,
It is very important to know, how an intestate property of your deceased father who died in 1995 is transferred in your name alone in the year 1996.
Next, as per law of inheritance, all the legal heirs got the right to equal share in the property left intestate by the deceased. So without the consent of other legal heirs, you cannot even sell the property, and they are equally entitled to the sale proceeds of the said intestate property if sold. Income generated from commercial activities carried on rural agricultural land is taxable otherwise it is not taxable, you may consult a CA for better clarification in the matter.
It is very important to know, how an intestate property of your deceased father who died in 1995 is transferred in your name alone in the year 1996.
Next, as per law of inheritance, all the legal heirs got the right to equal share in the property left intestate by the deceased. So without the consent of other legal heirs, you cannot even sell the property, and they are equally entitled to the sale proceeds of the said intestate property if sold. Income generated from commercial activities carried on rural agricultural land is taxable otherwise it is not taxable, you may consult a CA for better clarification in the matter.
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A.Hello,
If you hold the land for more than 2 years, it will be considered a long-term capital gain and taxable at 20%. If the holding period is less than 2 years, the gain will be a short-term capital gain and taxable at the slab rate.
Your sister has equal rights in the property as per Hindu Succession Act. If it is self acquired property then she don't have rights to claim share. If it is ancestral then she can claim. A partition suit can be filed seeking the partition of the property by meats and bounds.
If you hold the land for more than 2 years, it will be considered a long-term capital gain and taxable at 20%. If the holding period is less than 2 years, the gain will be a short-term capital gain and taxable at the slab rate.
Your sister has equal rights in the property as per Hindu Succession Act. If it is self acquired property then she don't have rights to claim share. If it is ancestral then she can claim. A partition suit can be filed seeking the partition of the property by meats and bounds.
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