Tax on nomination money recieved.

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  1. Grewal

    Grewal New Member

    My question is that?Is there any tax payable on the nomination money received from the bank due to death of a blood relation.
     
  2. Yatin Gandhi

    Yatin Gandhi Active Member

    Tax is not to be paid on the Nomination Money received
     
  3. Grewal

    Grewal New Member

    So do i need to show it in my income tax return that i received money from a nomination??under which section of income tax law it falls
     
  4. Aman Chugh

    Aman Chugh Member

    This would be considered as Exempt Income and no tax would be levied in this case.

    This income is required to be disclosed as Exempt Income in the Income Tax Return.

    The procedure to disclose Exempt Income in the Income Tax Return has been mentioned on this link - http://www.charteredclub.com/exempt-income-itr/
     
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