Inherited Cash

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Business
43 Points Posted on 08 July 2020
My friends father expired on June 2020. 2 lakhs were there in bank account and 9 lakhs cash in hand.
So, now how will he show this in his income tax return.
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On 08 July 2020 at 17:39 Report
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Quick Summary
This discussion addresses how to declare inherited cash and bank deposits for income tax purposes following a father's passing. It specifically questions whether a cash gift of £9 lakhs can be declared as exempt income in the tax return. The core issue is understanding the tax implications and reporting requirements for inherited wealth.

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Practice
3235 Points Posted on 08 July 2020
Exempt income gift inheritance
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On 08 July 2020 at 19:57
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Business
43 Points Posted on 09 July 2020
Gift of 9 lakhs in cash will be allowed?
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On 09 July 2020 at 12:22

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