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Husband expire material transfer to wife

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(Querist)
13 October 2022 Sir,

Husband has been expire , now he has cash worth 10lac, lic policy etc.
Can all this be directly transfer to wife account, whereas policy amount will be directly transfer to wife account. And what about the cash and other receivable , whether wife has to pay tax for this or can be taken as gift as expire husband money.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
13 October 2022 Yes, the total existing assets including bank balance and cash receivables can be transferred to wife's acc, either through Will or family settlement.
The same will not be taxable to wife as the same is exempt under sec. 56(2)(x) of IT act, under inheritance...
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