Gift Tax and Estate Duty (Inheritance Tax)?

Ms. XYZ (resident Indian) holds investment in Income Funds (dividends non taxable and re-invested in the Fund) with her brother-in-law Mr. ABC (NRI) as nominee. Further Ms. XYZ wills all her investment in said Funds to Mr. ABC. Ms. XYZ dies. Q. Is Mr. ABC liable to any tax on the inheritance received from Ms. XYZ ?

Public Comments

1. Mr. ABC will not liable to any tax on the inheritance received from Ms. XYZ. If, the gift if received under a WILL it will not taxable in the hands of recipient.