Income tax applicability

Dear Sir, 
 
I am a central government employee and my only income is from salary. On account of father's death, I will be getting around Rs. 6.40 lacs, due to the withdrawal of bank deposits where I was the nominee / joint holder. Out of 6.40 lacs my sister will be giving me aorund Rs. 4.90 lacs. 
 
Please clarify the following -
 
1. Whether the above income will be taxable or not? 
2. If taxable, what is the amount?
3. How to receive the payment from my sister - through a single cheque or multiple cheques.
 
 
Replies (1)

1,2 . Since this is a sum received by way of inheritance it is not taxable.

3. Receiving the amount thru single or multiple cheques doesn't make any difference.

 

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