If an individual receives money from his/her mother above 50000 on basis of inheritance (Agricultural land handed over to govt and compensation received by his mother and land is Registered on his mother's name)
Is the amount received by the individual is taxable from IFOS?
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Income from other sources
Replies (5)
No...any amount received from relative or by way of inheritance, it is not chargeable to tax .
sure?
Yes, The sum is not taxable .
Yes, you can refer to section 56(v) for more details.
If the sum of huge, is he required to file annual information return to the IT ?
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