Income tax on inheritance of movable assets
This query is : Resolved
13 July 2015
Dear Sir,
I am a central government employee and my only income is from salary. On account of father's death, I will be getting around Rs. 6.40 lacs, due to the withdrawal of bank deposits where I was the nominee / joint holder. Out of 6.40 lacs my sister will be giving me aorund Rs. 4.90 lacs.
Please clarify the following -
1. Whether the above income will be taxable or not?
2. If taxable, what is the amount?
3. How to receive the payment from my sister - through a single cheque or multiple cheques.
I am a central government employee and my only income is from salary. On account of father's death, I will be getting around Rs. 6.40 lacs, due to the withdrawal of bank deposits where I was the nominee / joint holder. Out of 6.40 lacs my sister will be giving me aorund Rs. 4.90 lacs.
Please clarify the following -
1. Whether the above income will be taxable or not?
2. If taxable, what is the amount?
3. How to receive the payment from my sister - through a single cheque or multiple cheques.
13 July 2015
1 The above income is not taxable.
2 NIL.
3 You can get a single cheque.
2 NIL.
3 You can get a single cheque.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Itr 1 processing
- Reporting Income under Section 44ADA
- Building and other construction workers welfare cess act 1996
- Bank Accounts in Balance Sheet for ITR 3
- ITR validation error - Balance sheet is not filled
- ITR 1: Details for showing Exempt Income
- TDS ON CASH WITHDRAWALS...
- ITR Filing Requirement for Partnership Firm Registered but Business Not Commenced
- Income of an individual
- Capital gain profit distribution among partners of partnership firm
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
