Money received as nominee (no gift deed)
This query is : Resolved
13 November 2016
Dear Experts,
I want to know about the tax liability in the following case:
Mr. Rahul (the grandson) received Rs. 280,000/- as nominee after the death of his grandfather who had nominated his grandson in October 2015.
In October 2016 Grandfather died and grandson received the sum in his same post office branch in his own savings account. He (the grandson) had made a term deposit by that amount for 1 year.
THERE WAS NO GIFT DEED. The accounts are in post office.
Will there be any tax liability in the hand of the Grandson for the A.Y. 2016-2017?
Waiting for your kind and early response.
Regards:
Saptarshi Mukherjee
I want to know about the tax liability in the following case:
Mr. Rahul (the grandson) received Rs. 280,000/- as nominee after the death of his grandfather who had nominated his grandson in October 2015.
In October 2016 Grandfather died and grandson received the sum in his same post office branch in his own savings account. He (the grandson) had made a term deposit by that amount for 1 year.
THERE WAS NO GIFT DEED. The accounts are in post office.
Will there be any tax liability in the hand of the Grandson for the A.Y. 2016-2017?
Waiting for your kind and early response.
Regards:
Saptarshi Mukherjee
13 November 2016
There is no tax liability on receipt of this amount based on nomination.
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