Mother,son,daughter.
Mother made "will" that if she is death then her bank FD is trs to her son & daughter in ratio of 50%.
Que:fd 1st holder is mother & 2nd holder son.
Now, mother is death then her bank fd amt including interest automatically trs to his son.....
Son received income when mother is death, is it TAXABLE in hand of son?.
Que:As per "will" made by mother fd income divided in to 50% in hand of son & daughter.
NOW fd is joint holder 1st mother & 2nd son.
When death of mother fd Income comes in hand of son (100%)income then after 50% of those Income trs to his sister. Now this case income tax applicable in hand of sister?.
CAclubindia
