taxability

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Divya sharma (Querist)
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28 May 2010 on death of father , his savings in bank a/c , from post office
relative got 500000 .

is it taxable
if not than under which section it is exempt.

PHANI

PHANI (Expert)
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03 June 2010 The amount will be taxable in the hands of the person who has received the amount as he has been nominated person as the legal heir for the said funds.

Divya sharma

Divya sharma (Querist)
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03 June 2010 will it not be exempt u/s 56 gifts received from relative / in contemplation of death , will etc

PHANI

PHANI (Expert)
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03 June 2010 Correct, in case of contemplation of death of the payer, the money received by the legal heir is exempt and hence the above amount is not taxable.

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