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?
5 Replies
Dhruv Shah
(Article Student)
(357 Points)
Replied 11 August 2017
No...any amount received from relative or by way of inheritance, it is not chargeable to tax .
Dhruv Shah
(Article Student)
(357 Points)
Replied 11 August 2017
Yes, you can refer to section 56(v) for more details.
aitha balarakesh
(41 Points)
Replied 12 August 2017
If the sum of huge, is he required to file annual information return to the IT ?
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