Is a death claim received by a nominee taxable?

General
1

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”?

2

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!

1 Like
3

Thanks for the information