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Money transfer after death
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?
Replies (3)
Yes, any payments made to son/daughter is not taxable in the hands of recipient.
Yes, there will be no tax on assets transfers after death of assessee. we can say it as oral will.
Yes it is not taxable as it is under relatives category
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