26 September 2023
Dear Sir/Madam, A friend of mine in England (now deceased)has named me a beneficiary in his will.Inheritance taxes will be paid in England and then money will be transferred to my account in India. My query is- 1)Do I report the amount in my ITR ,if yes then under what heading? 2)Will this amount be taxable in India, if yes then can I use DTAA scheme as tax is already paid in England. SCENARIO 2- 1) If I was a non-resident for the year the money was transferred, will it make any difference for tax purposes? 2)Should I ask for transfer to my NRE or NRO account?
CAclubindia
