Tax on Inheritance

Recently my father (a state pensioner) expired. My mother is nominee for the pension account and I for his LIC policy.
Is the claimed amount taxable in our hands?
Request expert to guide me. more  

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DEATH CLAIM RECEIVED FROM LICI BY THE NOMINEE IS TAX FREE, WHILE PENSION RECEIVED BY THE WIFE SHALL BE TREATED AS INCOME FROM OTHER SOURCES AND DEDUCTION OF 33.34 % SUBJECT TO MAXIMUM OF RS. 15000/- SHALL BE ALLOWED ON IT. more  
Pension received by your Mother will be clubbed to her income , subject to her falling in to the bracket. However, the money received from LIC policy due to your Father's demise will be exempt of tax. more  
Maturity proceeds of LIC policy or death claims received by nominee are tax free and pension is taxable in the hands of the receiver if his or her total income including pension is above the thrash hold limit of tax exemption more  
Pension is treated like salary.Taxable if it exceeds the taxable income.But death claim received from LIC is not taxable. more  
Briefly income on sums recd will be subject to tax more  
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