Money received on death of mother
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 September 2012
Hi friends Please suggest me what is tax treatment in following case?
1) Assessee received Money on death of Mother in form of - FD (including interest)
- LIC
- Bank Balance
1) Assessee received Money on death of Mother in form of - FD (including interest)
- LIC
- Bank Balance
CA Ilayaraja
(Expert)
11 September 2012
Currrntly there is no tax on inherited property. So no tax is liable to be paid on FD, LIC and Bank balance. but income arising from investing these will be taxable in sons hand.
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