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hi,

i need to know if my Uncle in America died with a fixed deposit of  5million $ ,they dont have any relative in USA but my familly in india.the US bank said they made my father as NOminee.so they deposited 5million $ which has now growen but they r dead now.so the US bank sent me an email to claim the deposited money as my father is Nominee.so my question is how much money my father will get and IMportant question is the 5Million $ converted into INR it goes around 281150000INR.so the bank will qestion me on the deposited money and if they did what should i do? and how much money i can withdraw from it in a single day?

asked in Banks & Fixed Deposit by (130 points)

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1 Answer

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There is no income tax on inherited money / property as such. So, you should not worry about that.  Just submit the required documents to USA bank authorities and claim your money. However, you may need to submit wealth tax later on. Get in touch with your CA for dtailed calculations.

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answered by (48.8k points)

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