Income tax on inherited property - Cash in Bank

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  1. Vandana7094

    Vandana7094 New Member

    Sir
    My mother in law passed away last year in june.She has savings in bank and fixed deposits.All these accounts are in the joint names of either my husband or myself.Is this money taxable.We are using this money for the last one year and have not informed the bank about her death.Is it legal to use that money without informing the bank.how to go about all this and save tax.Please reply at the earliest
    thanks
    Vandana7094
     
  2. rudrabose

    rudrabose Active Member

    No Income Tax would be levied on this inherited amount
     
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