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Last year my father died intestate. He had left behind term deposit and savings accounts in joint names, with me as well as my sister which perhaps in hindsight was just as well because being either or survivor accounts, they have devolved on us as desired by him. In addition, he is entitled to a share of Rs 10 lakh (notional market value) from an agricultural land in UP. Am I liable to any income-tax?

S. Saraswat, Thane

Any gift received through a Will or by way of inheritance is not treated as income. Rural agricultural lands are not treated as capital assets so much so that on their transfer there is no liability to capital gains tax. I take it that the agricultural land is indeed located in a rural area. So just relax.

S. MURLIDHARAN

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