Is inherited money (Will /In estate) (savings account money) exempt income or is it "Capital"?
How to show inherited savings account money in itr? Which law/section decides whether it is exempt income or capital?
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inherited money tax
Replies (1)
section 56 defines the scope of income chargeable Under the head "income from other sources " (extract)
as per section 56(2)(x) any sum of money or value of property received under a will or by way of inheritance is outside the ambit section 56(2)(x)
so, it is not taxable under income tax act
as per section 56(2)(x) any sum of money or value of property received under a will or by way of inheritance is outside the ambit section 56(2)(x)
so, it is not taxable under income tax act
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