Tax liability for nominee of PPF diseased account
This query is : Resolved
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05 September 2021
Dear Experts
I was the nominee of PPF account of my maternal uncle (Mother's real Brother) who was a bachelor. I received a sum of 55 lac after his death last month. I have 2 queries in that regard, need your advise please.
1. Tax liability on me on the amount received.
2. If I transfer the amount to my mother's account ( I believe she is a default legal heir), Tax liability on her.
Kindly help.
Thanks !!
Iyer
I was the nominee of PPF account of my maternal uncle (Mother's real Brother) who was a bachelor. I received a sum of 55 lac after his death last month. I have 2 queries in that regard, need your advise please.
1. Tax liability on me on the amount received.
2. If I transfer the amount to my mother's account ( I believe she is a default legal heir), Tax liability on her.
Kindly help.
Thanks !!
Iyer
05 September 2021
1. Nil
2. Better to make Gift deed between you (as Donor) and your mother for the same amount, with Bank transfer. No tax liability over anyone.
2. Better to make Gift deed between you (as Donor) and your mother for the same amount, with Bank transfer. No tax liability over anyone.
07 September 2021
Thank you sir for the guidance, appreciate your help.
As a nominee, do I have to show this in the exempt income under inheritance.
And if there is any query from assessing officer, will I be required to prove the relationship as well, could you please guide on these well. Thank you so much for your time.
As a nominee, do I have to show this in the exempt income under inheritance.
And if there is any query from assessing officer, will I be required to prove the relationship as well, could you please guide on these well. Thank you so much for your time.
07 September 2021
1. Yes declare it under 'Exempt Income.' It is exempt u/s. 56(2)(x)(c)(III) of IT act.
2. Just keep the death certificate and pass book of the PPF account declaring yourself as nominee; as proof.
2. Just keep the death certificate and pass book of the PPF account declaring yourself as nominee; as proof.
19 September 2021
Thanks a lot sir for the guidance !!
Regards
Iyer
Regards
Iyer
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22 September 2021
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