Income tax on property acquired through mutation
My father died 10 years back without leaving any will and left piece of land on which we (three brothers and my mother) have constructed 4 floor building.
We plan to apply for mutation and also enter into family settlement with respect to both land and building.
We plan to give floors on rent by our individual names and show that as income in our individual income tax.
Is mutation of property and family settlement good enough for 4 of us to show income from this property or is there anything else required.
Asked in Taxation from Noida, Uttar Pradesh
family settlement is enough. get it notarised or registered. That would be enough to show income from this property. The mutation would be required to show who is having ownership of the property so it is also must. Besides this, all the brothers need to show the family settlement in their return when income is generated thereby.