Joint account - money inherited
This query is : Resolved
19 September 2021
Mother and daughter are joint account holders of a bank account, but money in the account is of mother. On her death daughter becomes sole account holder. How the money in the account on the date of death is to be shown in her return -as gift or inherited from mother in the schedule EI (exempt Income). No legal heir certificate is obtained. No succession certificate is yet obtained.
19 September 2021
For declaration in ITR it will be 'Inherited', For the remaining balance in joint account no succession certificate required.
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