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Money transfer after death

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30 Points Joined July 2018
My wife died few days ago after wishing that money lying in her joint bank account be transfered to her son & daughter living in USA. Now I am free from funeral ceremonies to do so. So will it be ok for income-tax law?
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On 31 May 2021 at 15:08 Report
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CMA
13117 Points Joined May 2009
Yes, any payments made to son/daughter is not taxable in the hands of recipient.
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On 31 May 2021 at 16:23
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Learner
2398 Points Joined May 2019
Yes, there will be no tax on assets transfers after death of assessee. we can say it as oral will.
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On 31 May 2021 at 17:53
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Chartered Accountant
24588 Points Joined November 2019
Yes it is not taxable as it is under relatives category
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On 31 May 2021 at 18:34

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