Income-tax law does not consider all inherited assets as ancestral property
New Delhi, June 19 -- 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, 1961. Until 2005, only male members had rights over ancestral property, but after amendments to the Hindu Succession Act in 2005, even women enjoy equal rights over ancestral property....
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