taxability
This query is : Resolved
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.
relative got 500000 .
is it taxable
if not than under which section it is exempt.
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.
03 June 2010
will it not be exempt u/s 56 gifts received from relative / in contemplation of death , will etc
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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