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Tax treatment

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Querist : Anonymous

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Querist : Anonymous (Querist)
29 September 2010 My Friend Grand mother expired and she had gold worth Rs 1500000/- and cash of 500000/-.She never use to file income tax return.If this needs to be distributed among legal heirs what is the process and taxability of the same?
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CA Shiv

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CA Shiv (Expert)
29 September 2010 just distribute to the legal heir.. No tax on it....
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CA Shailesh Kumar Bhagat

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CA Shailesh Kumar Bhagat (Expert)
29 September 2010 I think sec 56(2) ( vi) ( under the head income from other sources)will be applicable, i.e. if sum of money without consideration is received.
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CA Shiv

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CA Shiv (Expert)
29 September 2010 It is transfer to the legal heirs.. so no taxation as of now.. only when the asset is sold tax will be calculated...
For cash forget it.. do not show anywhere....
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