Whether nomination money received is taxable or not??
This query is : Resolved
Neha Saini
(Querist)
09 July 2010
Dear All,
Pls provide your advice that whether amount received by the legal heir / nominee is taxable in the hands of nominee or not under any section of Income Tax Act 1961? Money is being received in case of FD.
Regards,
Neha Saini
Pls provide your advice that whether amount received by the legal heir / nominee is taxable in the hands of nominee or not under any section of Income Tax Act 1961? Money is being received in case of FD.
Regards,
Neha Saini
Akhil Agrawal
(Expert)
09 July 2010
From My Point of View it will not be as it will be covered under sec 56 here.
09 July 2010
gift as money received from blood relations are exempted u/s 56(3).even capital gains is not attracted in case of transfer by will,gift or inheritance.as under section 47
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