cpc

income tax applicability


Dear Sir, 
 
I am a central government employee and my only income is from salary. On account of father's death, I will be getting around Rs. 6.40 lacs, due to the withdrawal of bank deposits where I was the nominee / joint holder. Out of 6.40 lacs my sister will be giving me aorund Rs. 4.90 lacs. 
 
Please clarify the following -
 
1. Whether the above income will be taxable or not? 
2. If taxable, what is the amount?
3. How to receive the payment from my sister - through a single cheque or multiple cheques.
 
 
 
Reply   
 

Dear,

You are not taxable and whenever you can recive the amount from your sister.

 
Reply   
 


Taxation Software Development

If your father already paid the income tax of this amount, then you are free for any tax either the condition different, then you have to pay tax according the amount.

According government rule:

2.5 lacs amount tax free.

2.5 lacs to 5 lacs amount,10% tax

5 lacs to 10 lacs amount, 20% tax

thus you are receive 4.90 lacs then pay 49,000/- for tax.

There are no issue to receive the amount in single or multiple cheques.  

 
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