Taxability in case of inheritance of money...
This query is : Resolved
27 June 2009
What will be the tax treatment in the following cases..
1)An individual has taken a loan from from his father in A.Y.2007-08 for Rs 500000/-.However his father had expired during the A.Y.2009-2010 and whole amount is not to be repaid to any other legal heir.
2)A legal heir has received Rs.1 crore as inheritance from death of a unknown person.
3) A Legal heir received a property vide inheritance.
Please reply...
1)An individual has taken a loan from from his father in A.Y.2007-08 for Rs 500000/-.However his father had expired during the A.Y.2009-2010 and whole amount is not to be repaid to any other legal heir.
2)A legal heir has received Rs.1 crore as inheritance from death of a unknown person.
3) A Legal heir received a property vide inheritance.
Please reply...
27 June 2009
any gift received under will,inheritance is not taxable
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