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Whether nomination money received is taxable or not??

This query is : Resolved 
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(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
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Akhil Agrawal

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Akhil Agrawal (Expert)
09 July 2010 From My Point of View it will not be as it will be covered under sec 56 here.
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CA.Mini

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CA.Mini (Expert)
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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