Taxability of money received in will

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Student
273 Points Posted on 15 October 2021
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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On 15 October 2021 at 16:05 Report
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Quick Summary
Receiving money or assets through a will is generally exempt from income tax in the UK, as inheritance falls outside the scope of the Income Tax Act. However, if you inherit assets like stocks or securities and subsequently sell them, any profit made will be subject to capital gains tax, either short-term or long-term depending on the holding period.

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Chartered Accountant
24588 Points Posted on 15 October 2021
Not taxable
1 Reply
On 15 October 2021 at 16:52
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85 Points Posted on 15 October 2021
Provided the amount is out of taxed amount or exempted amount
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On 15 October 2021 at 18:34
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Consultant
103 Points Posted on 15 October 2021
Exempt
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On 15 October 2021 at 21:33
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Profession
28271 Points Posted on 16 October 2021
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 .
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On 16 October 2021 at 08:05

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