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Income tax

(Querist) 13 July 2015 This query is : Resolved 
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.
Report Abuse
Guest (Expert) 13 July 2015
Consult the CA Club of this same Forum for a reply from Professional CAs.
R.K Nanda (Expert) 13 July 2015
consult tax lawyer.
Anirudh (Expert) 13 July 2015
The amount in question is not taxable in your hands.
You can take a single cheque.
Rajendra K Goyal (Expert) 14 July 2015
Agree with the expert Anirudh.

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