Is any asset / property acquired by way of Inheritance subject to Tax in India?
Whether an NRI can acquire property by way of Inheritance?
If an immovable property is received by way of Inheritance by an NRI, can he / she repatriate the sale proceeds?
Yes, an NRI is eligible to repatriate sale proceeds of an immovable property inherited from a person resident in India subject to certain conditions, payment of taxes and upto the monetary limits specified by RBI.
In case any income is earned from a property acquired by way of Inheritance, is it subject to Tax in India?
Upto the date of death - taxed in the hands of the deceased. However, the same would be leviable and recoverable from the legal representatives of the deceased in a like manner and to the same extent as the deceased (liability restricted upto the value of property inherited).
After the date of death - taxed in the hands of beneficiaries / executor(s) in their individual capacity.