Inheritance1

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This discussion clarifies the tax treatment of an inheritance received two years after the mother's passing. The consensus is that the inheritance is likely exempt under Section 56(2) of the Income Tax Act. While it may not strictly require declaration, it's advisable to report it under Schedule EI in your Income Tax Return (ITR) for transparency.

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(Querist)
09 June 2024 My mother passed away two years before .her 1/3rd share of money will come to me.what is the tax treatment.?
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
09 June 2024 Exempt u/s. 56(2) IT act.
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Ecstasyvio

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Ecstasyvio (Querist)
10 June 2024 so need not be shown anywhere in ITR?
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
10 June 2024 Better to declare it under Schedule EI.
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Ecstasyvio

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Ecstasyvio (Querist)
10 June 2024 thanks for the timely advice
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
10 June 2024 You are welcome.
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