Income tax treatment

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?.

Replies (2)

As per Sec 47 of Income Tax Act, any transfer of Capital asset under gift or will is not regarded as transfer, hence no Capital Gains.

Also, as per Sec 56 of Income Tax Act, Gift received from relatives or under will are not taxable under head Other Sources.

Thus in your both the cases there will be no Income tax implications

no tax is applicable to him .. if he is earning income from fb then the earning amount is taxable

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
Featured ARTICLESHIP 06 October 2026
Semi Qualified

AJAY SINGH AND CO LLP

Thane

CA Final

View Details
Company
ARTICLESHIP 30 September 2026
CA Article Assistant

CA Suraj Garg & Associates

New Delhi

CA Final

View Details
Company
ARTICLESHIP 07 October 2026
Article Assistant

Malhotra Rajesh & Associates

New Delhi

B.Com

View Details
Company
05 October 2026
Senior Accountant

Vision IT Peripherals Pvt Ltd

Mumbai

B.Com

View Details
Company
22 September 2026
Account Assistant

Chirag P Shah & Co. Chartered Accountant

Pune

B.Com

View Details
Company
07 October 2026
Senior Account Manager

Amplio Invest

Mumbai

M.Com

View Details
Company
26 September 2026
Chartered Accountant

pushpganga ventures

Pune

CA

View Details
Company
12 October 2026
AUDIT , ACCOUNTS AND TAXATION

KDSS

New Delhi

B.Com

View Details