You don’t pay any inheritance tax upon inheriting any family property
If deceased left a will and you apply for probate of will you ha r to pay court fees for issue of probate
Do legal and natural heirs pay stamp duty and inheritance tax upon inheriting a family property in West Bengal, if so, what do these amount to?
You don’t pay any inheritance tax upon inheriting any family property
If deceased left a will and you apply for probate of will you ha r to pay court fees for issue of probate
No they do not pay any inheritance taxes as far as immovable property is concerned. In case of maturity of a movable property ie shares etc. Taxes may be levied.
For mutation records entry no stamp duty and registration charges require for legal heirs.
Yes if there is any tax pending from past then before entering legal heirs names on mutation records all those tax needs to be clear by paying government dues.
1. There is nothing called inheritance tax in West Bengal.
2. No Income Tax is also levied on the consideration received after selling the inherited properties.
3. You shall have to mutate your name in the records of BLRO/Municipal Corporation on receipt of legal heir certificate n connection with the said property.
What is inheritance tax, this is a term unknown in the legal circle.
If at all the co-sharers would desire to partition the property among themselves, then they may have to pay the application stamp duty to get the partition deed executed by a registered document.
Dear Sir,
1. You do not have to pay stamp duty on inherited property.
2. Under Section 56 (ii) of the IT Act, there is no Inheritance Tax applicable in India irrespective of the cost of the property you inherit. However, if you decide to sell one such inherited property, the capital gains will be taxed.
Thank you!