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.
CAclubindia
