Sir I am a Government servant paying Income tax. I'm going to get the some lakhs amount (which I came to know is exempt from payment of income tax) from the Government of land acquisition of my mother's property as a legal heir share.
My question is, do I need to pay tax for my share amount?
Do I need to submit the details in my office?
Do I need to show in my IT returns?
kindly give me correct information as I am confused.
Thank you in advance.
Regards
Yousuff
CAclubindia
