Inheritance tax liability
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 February 2011
I will receive app. Rs. six lakhs as a nominee of my deceased uncle from saving bank accounts and LIC proceeds and another four lakh from MIS and Saving bank a/c held with post office as second signaturee(E or S).
What shall be the tax liability and what exemptions are possible?
Kindly advise.
Regards!
What shall be the tax liability and what exemptions are possible?
Kindly advise.
Regards!
06 February 2011
No tax is applicable on the amount received by you.
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