I HAVE GOT DEATH CLAIM AS A NOMINEE AFTER MY FATHERS DEATH.
IS IT TAXABLE IN INDIA? Do I need to pay income tax on “the money received from my father’s account as I am a nominee”?
Hello @aakashmaity
The money received as a nominee after your father’s death is not taxable in India. As per Section 56(2)(x) of the Income Tax Act, any amount received through inheritance/nominee is exempt from tax. This includes the money you received from bank accounts. However, if you invest this amount and generate any income such as interest or capital gains, it will be taxable to you.
Hope this helps!
2 Likes
Thanks for the information
No, a death claim received by a nominee from a life insurance policy is not taxable under Section 10(10D) of the Income Tax Act, provided conditions are met.
The amount you receive as a nominee from your father’s accounts is considered an inheritance, not income, and is therefore exempt from income tax. However, any subsequent income you earn from investing this money, such as interest or dividends, is taxable as per your applicable tax slab. Answered by Gemini
The amount you receive as a nominee from your father’s accounts is considered an inheritance, not income, and is therefore exempt from income tax. However, any subsequent income you earn from investing this money, such as interest or dividends, is taxable as per your applicable tax slab. Answered by Gemini
