Tax Implications:
If your father gifts you the property, valued at over ₹1 crore, there will be no tax implications for you since he is a relative.
If you inherit the property through a will, it would also be tax-exempt under the same provision.
Advantages of Gifting:
Gifting is simpler and faster than inheriting through a will.
It is advisable to have a registered gift deed for the property transfer.
Advantages of Inheriting through a Will:
A will provides more control and flexibility for the testator (your father) to specify the beneficiaries and their shares.
It can help avoid potential conflicts among legal heirs in the future.
The key considerations are:
Since your father is gifting the property and you are his relative, there will be no tax implications in either case.
Gifting is simpler, but a will offers more control and flexibility for the testator.
Also Read: Nomination vs Will: Key Differences
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Here are the key points comparing gifting vs inheriting property through a will:
Tax Implications:
If your father gifts you the property, valued at over ₹1 crore, there will be no tax implications for you since he is a relative.
If you inherit the property through a will, it would also be tax-exempt under the same provision.
Advantages of Gifting:
Gifting is simpler and faster than inheriting through a will.
It is advisable to have a registered gift deed for the property transfer.
Advantages of Inheriting through a Will:
A will provides more control and flexibility for the testator (your father) to specify the beneficiaries and their shares.
It can help avoid potential conflicts among legal heirs in the future.
The key considerations are:
Since your father is gifting the property and you are his relative, there will be no tax implications in either case.
Gifting is simpler, but a will offers more control and flexibility for the testator.
Also Read: Nomination vs Will: Key Differences