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FD (Principal amount) of deceased - received by non relative taxable?
Deceased - Primary account holder, survivor - non relative. Survivor became primary account holder after death of earlier primary account holder. Interest earned in the savings account from deposits are taxable in the hands of survivor. What about the Principal amount? is it taxable?
Replies (3)
Can we invoke the Section - 5, Gift-Tax Act, 1958 - Exemption in respect of certain gifts.
Sec. 5 (1) (xi ) in contemplation of death ;
Interest amount will be taxable
Thanks Mr. Sourav. Even though the survivor is not a legal heir, the principal is not taxable?
Can we refer Sec. 5 (1) (xi) in contemplation of death; ?
Sec. 5 (1) (xi ) in contemplation of death
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Read more at: https://www.caclubindia.com/forum/fd-principal-amount-of-deceased-received-by-non-relative-taxable--575741.asp#reply
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