Is inherited money (Will /In estate) (savings account money) exempt income or is it "Capital"?
How to show inherited savings account money in itr? Which law/section decides whether it is exempt income or capital?
section 56 defines the scope of income chargeable Under the head "income from other sources " (extract)
as per section 56(2)(x) any sum of money or value of property received under a will or by way of inheritance is outside the ambit section 56(2)(x)
so, it is not taxable under income tax act
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