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Mihir Tanna  |798 Answers  |Ask -

Tax Expert - Answered on Nov 27, 2023

Mihir Tanna has more than 10 years of experience in direct taxation, including filing income tax returns.
He regularly represents clients before the income tax authorities including the commissioner of income tax (appeal).... more
Asked by Anonymous - Aug 18, 2023Translate
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Mahesh sir good morning, My father expired in the month of march 2023, he had around 24 Lac rs as FD now the same amount is transferred to my ac, is that amount tax liable or is there any other way of investment to save tax on 24 lac.

Ans: Amount received under will/as legal hair is not an income, which is taxable under the Income tax. However, interest on said FD will be taxable.
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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