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?
Menu
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
Recent Topic
- SBI direct mutual funds ITR
- 44AE Section
- FEMA compliant structure
- Tax obligation in AY 2026-27
- EFILING ITR2 FROM COMMON FILING UTILITY
- SBI gold bond interest
- PPF Interest Exempt - But what drop down to choose
- Itr2 or itr3 intraday trade 1 loss of 70 paise
- Calculation of IT
- CA FINAL FR IndAS 33 Doubt(Corrected)
Related Topics
CAclubindia
