Is any property received by any will considered to be self-acquired property or inherited in India?
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Is any property received by any will considered to be self-acquired property or inherited in India?
I'm not in India, and haven't seen anyone from there in a while here, but I'm 99.999999999% sure that a 'will' anywhere in the world automatically means 'inheritance.'
Whether you owe a tax on it will need to be determined locally. Sometimes there are 2 taxes.
In the US, the amount of tax, if any, requires formally determining the fair market value of the property at time of death.
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