PULAPIPL (na) 23 July 2013
Hi,
My mother inherited some money (FD, Cash in Saving, PPF) on my fathers death last year.
I understand that there is no tax liability on inherited money, however as part of the tax return filling (ITR 2) does she need to mention the inheritance somewhere inthe form. Thanks!
Regards,
R RAJAGOPALAN (ADVOCATE) 25 July 2013
1. "I understand that there is no tax liability on inherited money"- Your understanding is correct.
2. "as part of the tax return filling (ITR 2) does she need to mention the inheritance somewhere inthe form."- She may declare it as an 'exempted income/receipt'.
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