In India, does inheritance income need to be declared while filing returns?
In India, does inheritance income need to be declared while filing returns? What if the said income is received as a cheque from the nominee? For example, consider that a parent with three children nominated the eldest on a fixed deposit of 24 lacs. After receiving funds from the bank, the nominee issues a cheque of 8 lacs to each of her two siblings. I understand that under Indian law, none of them are liable to pay any tax on this account. But do they have to declare the income? If so, is there a particular form for this?
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In India, does inheritance income need to be declared while filing returns?
No
I understand that under Indian law, none of them are liable to pay any tax on this account.
Yes there is no tax for any of them.
But do they have to declare the income? If so, is there a particular form for this?
No. But its advisable to keep a record of the said transaction and the purpose. i.e. it was a Gift from parent and gifted to 2 other siblings. This will make it easy if there is a scrutiny from the tax department.
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