Money from bank account after parent's death

Harsha (Software professional) (214 Points)

06 May 2012  

Hello,

I have got money as a nominee (bank account) after my mother's death. They include both SB and FD.  I would like to know some details

1) Does it qualify as taxable income?

2) If yes, does it have any special tax rate? Or just would add to my overall income.

3) Leaving this apart, I come under ITR-2 category. If this money is taxable, does it change my category?

4) Any other special considerations for this money?

 

Thanks,

Harsha