My Niece, the nominee in my deceased father;s bank account - stands to received approx 4.5 lakhs (FD 3.5 lakhs, cash balance 1lakh).as my late father had no will registered.
Does she have to pay income tax on this Inherited amount or declare it in her annaual IT returns?
What is the way to save TAX applicable /what is the mandatory amount/percent to be paid to govt?
