FUND TRANSFER FROM PARENTS
This query is : Resolved
11 June 2021
I AM TO RECEIVE FUND TRANSFER OF RS. 18 LACS FROM MY MOTHER'S ACCOUNT DUE TO INHERITANCE. HOW SHOULD I TREAT THE SAME IN INCOME TAX AT THE TIME OF FILING OF ITR! WHETHER I AM LIABLE TO PAY ANY TAX ON THE SAME IN INCOME TAX OR ANY OTHER LAWS!
11 June 2021
Treat it as gift no tax payable. Show it under exempt income schedule of ITR.
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