Income obtained after parents death
Stephen
(Querist) 11 April 2016
This query is : Resolved
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
R K JAIN
(Expert) 12 April 2016
Income arose due to sale of jewelry will be taxable at your end. Consult CA for actual tax liability.
Rajendra K Goyal
(Expert) 13 April 2016
You have received the amount from the account of your father after his death, it is not gift.
Stephen
(Querist) 13 April 2016
Sir,
My Father had ground floor house was sold to his eldest daughter in 1991 and father passed away in 1996 and leaving no will of the 1st floor house. However in 2013 through consent of rest of the 3 siblings we released the 1st floor house to our eldest sister enabling complete sale as one complete unit and 50% she took.. while rest was put in our mothers a/c. while I had my personal jewelry, which I sold to one of sister and that amount was parked in my mother a/c. As my mother passed away recently and we siblings created family succession tree and distributed to 3 sibling equally excluding me... while the jewelry amount alone I took... all I want to know is after the loss of my mother..this my own jewelry amount can it be considered as gift from my mother and would it incur any tax.
Thanks
