WE HAVE RECIEVED FUNDS OF RS 6 LACS FROM OUR RELATIVES IN CONSIDERATION OF LEAVING OUR SHARE IN ANCESTRAL PROPERTY.
IN THAT CASE WHAT IS TAXABILITY OF AMOUNT RECIEVED, WHETHER WE HAVE TO PAY TAX. BASICALLY IT WAS AMOUNT GIVEN BY MY COUSIN WHO STAYS ABROAD TO HER PARENTS LIVING IN INDIA, WHO FURTHER DISTRIBUTED THE MONEY TO THREE FAMILY MEMBERS, ONE OF WHICH IS OUR SHARE. SO DO WE HAVE TO PAY TAX ON THE AMOUNT RECIEVED VIA NEFT. AND WE FILE RETURNS EVERY YEAR AS WE HAVE OTHER SOURCES OF INCOME.
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