Inheritance
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
31 October 2012
Hi!
My grand mother passed away in May last year and What money was left in her account was divided amound her 8 grandchildren as per her will. We received the amount this year May 2012. Is there any tax implication of this receipt in IT return?.
Thanks in advance for the clarification
My grand mother passed away in May last year and What money was left in her account was divided amound her 8 grandchildren as per her will. We received the amount this year May 2012. Is there any tax implication of this receipt in IT return?.
Thanks in advance for the clarification
31 October 2012
it can be treated as gift received from relative out of will/inheritance and hence exempted u/s 56
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