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Querist : Anonymous

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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
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CA Pooja Agarwal

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CA Pooja Agarwal (Expert)
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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