I received Rs. 15 lakhs (through bank transfer) from my parents in their will, in F.Y. 2021-22. What will be it's tax treatment ?
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Taxability of money received in will
Replies (4)
Quick Summary
Not taxable
Provided the amount is out of taxed amount or exempted amount
Exempt
Inheritance law is exempted from income tax act.
But if you have inherited any stocks and securities and the same is sold, capital gains either short term or long term .
But if you have inherited any stocks and securities and the same is sold, capital gains either short term or long term .
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