Assets received under will by non relatives

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

17 March 2017 A PERSON LIVING ALONE EXECUTE WILL IN FAVOUR OF NON RELATIVE WHO IS TAKING CARE SINCE LONG - WHAT IS TAX IMPLICATION ON RECEPIENT OF MOVABLE & IMMOVABLE ASSETS ?

Ruchi

Ruchi (Expert)
Follow

17 March 2017 Assets/money/property received by will/ inheritance is exempt from tax whether received from relative or non-relative.

CA Gopal Somani

CA Gopal Somani (Expert)
Follow

17 March 2017 All gifts under a will, and all amounts received on the death of a person as a part of the inheritance, are fully exempt from Income tax whether Relative or Non Relative.

Upgrade to CAclubindia Pro. Subscribe Now!