Income tax on inherited property - Cash in Bank

Share This Thread
  1. Vandana7094

    Vandana7094 New Member

    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 to go about all this and save tax.Please reply at the earliest
  2. rudrabose

    rudrabose Active Member

    No Income Tax would be levied on this inherited amount
Draft saved Draft deleted
Similar Threads Forum Date
Capital Gain tax & income tax - joint development of land Income Tax Sunday at 10:07 AM
commission income along with sec 44AE Income Tax Mar 13, 2018
PRESUMPTIVE INCOME U/S 44ADA Income Tax Mar 11, 2018
Income Tax assessment for next year Income Tax Mar 10, 2018
income tax deduction (TDS) on payment of new home Income Tax Mar 9, 2018