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Tax rules vary from country to country. So, the question needs to be more specific.
Generally speaking, taxes levied on inherited wealth are called estate duties. India, for instance, had a regime of estate duties for a long time, but it was done away with a few years ago.
Income Tax is levied on one's income, and if it is a gift one receives, Gift Tax is payable, if the concept of Gift Tax is in the tax canons of a particular country, otherwise Income Tax will have to be paid on the monetary value of the gift, either by the donor or by the recipient. Normally, a threshold is prescribed for the monetary value of the gift, the gift valued above which only attracts tax.
What else can I help you with?
Bank interest received on saving account is taxable or nontaxable for the assessment year 2007-2008?
bankinterest received on saving bank account is taxable or nontaxable for the assessment year 2007-2008
Is 60000 inherited taxable?
The amount of taxable inheritance depends on the entire estate. If the amount of the estate that the 60,000 was inherited from is over 2 million dollars then the income is taxable. If the estate was worth less then that then there are no taxes on the estate.
Is money inherited from a parent's life insurance policy taxable income?
Death benefits are not taxable for income tax purposes.
Is inherited money taxable?
It depends on the amount and situation. Check with a tax accountant.
Are proceeds from a POD Bank Account taxable to the beneficiary?
is pod incme taxable to the reciever?
You are receiving a inhairitance from your deceased aunt do you have to pay taxes on the money?
It depends. Generally speaking, something inherited is taxable to the recipient (heir) if it would have been taxable to the decedent.Example: If you inherit an bank account, the interest earned on the account is taxable to you because it would have been taxable to the person who died. The balance that was in the bank account generally would not be taxable (depending on the type of account).Some assets (house & car) have what's called an adjusted basis (original price paid plus other costs). Generally when assets are inherited, the asset has a basis that is equal to what the item is worth (fair market value) when the person died.Example: You inherit your aunt's car. You decide to sell it right away. This is not taxable income because you likely sold it for the same that it was worth when she died. Let's say you also inherit her house and decide to keep it for a couple of years (but you don't live there) then sell it. If the house was worth $200,000 when she died and you sold it for $250,000, then you have to pay taxes on the $50,000 gain but not on the $200,000.There are other more complicated things related to inheriting assets, so you should really talk to a lawyer or CPA if you inherited something and have to decide what to do with it or whether or not to accept the inheritance.
Is money inherited from a parent's estate taxable?
No, inheritances are not subject to federal income taxes.
Is interest on savings account taxable?
Yes.
Is interest credited to account taxable?
yes
What are the types of bank accounts in Pakistan?
1.fixed deposit account 2.saving account 3.current account 4.home saving account 5.family saving account
What is Free account?
My saving account
Is transferring money from one account to another taxable?
Transferring money from one account to another is not taxable because it does not involve earning income or making a profit.
