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Taxation on receipts as nominee on death of a relative
28-Sep-2023 (In Tax Law)
my sister died leaving her saving ac to me as she had made me nominee. she also left KVP ( with her name first and second name mine E or S). What will be the taxability of the money recd from above. thanks,
Transfer of money in savings account to you shall not attract any tax. Only the interest received in this financial year shall be added to your income only for the purpose of calculation of tax slab. Transfer of KVP shall also not create any tax liability on you. Only the interest earned in this financial year shall be taxed if your total income after addition of interest falls within the taxable limits. Better answer can be given if I know the values of the amounts being transferred to you.
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