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Stephen (Pgm Management Professional (Retired))     11 April 2016

Income obtained after parents death

Dear Experts,

Few years back I had sold some jewelry to my relative and the amount was credited to my parents a/c. Now my parent passed away without leaving any will.. however the overall amount excluding jewelry amount was distributed equally among 3 other childern, while my jewelry amount was transferred to my account. Can this amount be treated as gift and would any tax implication to be considered from my end.

 

Thanks

Stephen



Learning

 2 Replies


(Guest)

Taxation query better ask in CA forum . I think this company have CA forumn too 

shivangi gupta   14 April 2016

Acc to income tax act,  any gift received under will or inheritance is exempted from tax.. and also any gift directly received from any relative(which is itself defined in act) is exempted.

 


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