Deceased account tax liability
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 January 2019
My Aunt has received following Claim for death of my uncle:
1) LIC Policy Claim Rs. 400000
2) Bank Saving Account Claim Rs. 1700000
3) Post Office Claim Rs. 50000
4) She is receiving family Pension now
My Uncle was tax payer. What are the tax liabilities on my Aunt on account of above claim benefits.
1) LIC Policy Claim Rs. 400000
2) Bank Saving Account Claim Rs. 1700000
3) Post Office Claim Rs. 50000
4) She is receiving family Pension now
My Uncle was tax payer. What are the tax liabilities on my Aunt on account of above claim benefits.
Nikhil Kaushik
(Expert)
16 January 2019
family pension is taxable. Rest are just death benefits. But do check for if there is any interest income in the saving/deposit accounts that has not yet been taxed.
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