tax querry

k.mukund (student) (52 Points)

23 July 2010  

 

hiii alll, i hv a tax querry!!!!

after the demise of  m grandfather, the bank account which he was maintaining was trsfrd to my father's account. it was around rs.80000

I would like whether 

1) tax is payable on that amt. 

2) tax is payable on the int income on that amt.

 

Pllllzzzzzz reply!!!!!!

Thanks, 

Mukund