Hello,
I have 2 questions
1) In the WILL a person has gifted his fixed deposit money to his son. Now after the death of the person, the ownership of the FDs has come to his son. In this case whether the son is supposed to pay gift tax or income tax on this FD amount ?
2) In a WILL a person has gifted his flat (purchased from his own income) to his sister (married and of age say 50). Now after the death of the person, the ownership of the flat comes to his sister. In this case whether the sister is supposed to pay gift tax on it ?
– Yogesh