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Inheritance tax liability

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Querist : Anonymous

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Querist : Anonymous (Querist)
04 February 2011 I will receive app. Rs. six lakhs as a nominee of my deceased uncle from saving bank accounts and LIC proceeds and another four lakh from MIS and Saving bank a/c held with post office as second signaturee(E or S).

What shall be the tax liability and what exemptions are possible?

Kindly advise.

Regards!
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CA Shailesh Kumar Bhagat

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CA Shailesh Kumar Bhagat (Expert)
06 February 2011 No tax is applicable on the amount received by you.
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