my father recieved 10,63,455 from his cousin . he is not a relative as per income tax act.
reason : my dad's cousin's mom mentioned in her ""will"" that "the balance on 30.6.2019 in andhra bank will be recieved by guptha(my father) . also mentioned that she gives that amount out of affection. since she died her son transferd to my dad's bank account.
is that amount recieved is taxable as per income tax act
thank u
CAclubindia
