Tax on Inheritance

Recently my father (a state pensioner) expired. My mother is nominee for the pension account and I for his LIC policy.
Is the claimed amount taxable in our hands?
Request expert to guide me. more

Helpful Tax, Investments and Retirement Aug 27

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VISHNU PROMOD SRIVASTAVA (ADVOCATE & Tax Consultant, PRACTISING IN LUCKNOW)

DEATH CLAIM RECEIVED FROM LICI BY THE NOMINEE IS TAX FREE, WHILE PENSION RECEIVED BY THE WIFE SHALL BE TREATED AS INCOME FROM OTHER SOURCES AND DEDUCTION OF 33.34 % SUBJECT TO MAXIMUM OF RS. 15000/- SHALL BE ALLOWED ON IT. more

Sep 07

Rajkumar Chakravarthy

Pension received by your Mother will be clubbed to her income , subject to her falling in to the bracket. However, the money received from LIC policy due to your Father's demise will be exempt of tax. more

Aug 28

Sanjeev Goel

Maturity proceeds of LIC policy or death claims received by nominee are tax free and pension is taxable in the hands of the receiver if his or her total income including pension is above the thrash hold limit of tax exemption more

Aug 28

Ragupathy Masilamani

Pension is treated like salary.Taxable if it exceeds the taxable income.But death claim received from LIC is not taxable. more

Aug 27

Rajesh Agarwal (Company Secretary, IFGL Refractories Limited, Kolkata)

Briefly income on sums recd will be subject to tax more

Aug 27

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