Money received by way of inheritance
This query is : Resolved
15 February 2016
Dear Sir,
An assesse had received a certain some of money from his late elder brother. So whether this amount received by way of inheritance can be treated as gift from elder brother.
Please reply as early as possible. Your valuable reply will be very helpful for me.
Thanks,
Abhishek Roy Choudhury.
An assesse had received a certain some of money from his late elder brother. So whether this amount received by way of inheritance can be treated as gift from elder brother.
Please reply as early as possible. Your valuable reply will be very helpful for me.
Thanks,
Abhishek Roy Choudhury.
16 February 2016
Let us study your problem under the following two heads of income: 1. Capital gains in the hands of your brother / his estate: Firstly...the nature of receipt is capital receipt. Second....though it is a transfer and not directly excluded as gift, will etc. indirectly excluded in section 49. Answer: Your brother / his estate not liable for capital gains. 2. Income from other sources in your hands: U/s 56(2)(vii) ....'inheritance' is excluded specifically from taxable 'other income'. Hence, not taxable in your hands.
Message likes :
1 times
16 February 2016
Dear Sir,
Actually Income Tax Department asks for compliance from him about the money he received. There are four option related to the matter i.e. 1) Investment/expenditure is out of exempt income, 2) Investment/expenditure is out of accumulated savings, 3) Investment/expenditure is out of gift/loans from others, 4) Investment/expenditure is out of foreign income.
Please suggest which option will be suitable for him for the above query by IT Department.
Waiting for your valuable reply at the earliest.
Thanking you,
Abhishek Roy Choudhury.
Actually Income Tax Department asks for compliance from him about the money he received. There are four option related to the matter i.e. 1) Investment/expenditure is out of exempt income, 2) Investment/expenditure is out of accumulated savings, 3) Investment/expenditure is out of gift/loans from others, 4) Investment/expenditure is out of foreign income.
Please suggest which option will be suitable for him for the above query by IT Department.
Waiting for your valuable reply at the earliest.
Thanking you,
Abhishek Roy Choudhury.
16 February 2016
Ask the assessee to select option 1.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Tds on building rent monthly
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- RCM INVOICING FROM NOV-2024
- Confusion around Form 26QB fields
- REGARDING ACCOUNTING CODE FOR SERVICE TAX PAYMENT
- Redevolpment of bldg in mumbai
- Refund of AY 22-23
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
