The Commerce Journal,Business and Local Businesses
*The Commerce Journal>>>India Taxes

Gift Tax and Estate Duty (Inheritance Tax)?


Ms. XYZ (resident Indian) holds investment in Income Funds (dividends non taxable and re-invested in the Fund) with her brother-in-law Mr. ABC (NRI) as nominee.

Further Ms. XYZ wills all her investment in said Funds to Mr. ABC.

Ms. XYZ dies.

Q. Is Mr. ABC liable to any tax on the inheritance received from Ms. XYZ ?

Mr. ABC will not liable to any tax on the inheritance received from Ms. XYZ.
If, the gift if received under a WILL it will not taxable in the hands of recipient.

Tags
  United States Taxes   United Kingdom Taxes   Spain Taxes   Singapore Taxes   Mexico Taxes   Ireland Taxes   India Taxes   Germany Taxes   Canada Taxes   Australia Taxes   Small Business
Related information
  • What will be total pay in pay scale 8000-275-13500 IN GR-A TECHNICAL POST ?

    if u want to know u have to make efforts. go to www.minfin.nic.in and on the lefr hand corner at the bottom of the page u will find a link for sixth pay commission. click on that and find out wish...

  • Don't we have an option of online checking of PF accounts in India?

    Yes, provided you have the account with SBI. You can access & operate the account on their internet portal , as follows: ...

  • What is the annual package salary?

    you can earn 1700-2500

    ...
  • My name is lawrence d'souza.my date of birth is 28/4/0964.i lost my pan card.please trace my pancard no.?

    Do it yourself.. its simple. Just visit the below mentioned site. ...

  • Tax Auditing Query - Is it required?

    The Sec 44AB of I T Act is as follows 44AB. Every person,鈥?br> (a) carrying on business shall, if his total sales, turnover or gross receipts, as the case may be, in business ex...

  • Is it possible to make our tax to be paid as zero?

    There are many other benefit available under income tax act some of them are: if you have your own house and housing loan is taken to build the house then interest paid on loan can be deducted f...

  • I have started a policy in march 2006 of rs 15000/- per year . what is nav yoday?

    go to the site www.moneycontrol.com and put in the type or name of your policy to get the nav.

    ...
  • How can i get the new tax calculator for the financial year 2008-2009 for salaried people?

    Based on the new budget proposals, there is one available for free download in MS-Excel format at ...

  •  

    Commerce Categories--Copyright/IP Policy--Contact Webmaster