Please assist by answering the following:
1) I received Tax Free Bonds & shares by 'offline' transfer to my own demat from my recently deceased grandmother's demat account. She had signed the offline TIFD Transfer Form but died in Feb'16 before the actual transfer could take place. Hence, transfer to my demat account was done post her demise, in March'16 actually. The demat offline transfer TIFD form also describes in 'Reason for Transfer' as 'Gift'.
2) Bank Fixed Deposits were in joint names with my Grandmother being 1st Holder & I being the 2nd Holder.
a) Some FD's were continued with transmission to my name.
b) Other FD's were encashed & transferred to my own account.
c) FD in SCSS (Senior Citizens Saving Scheme) where I was 'NOMINEE' were encashed & invested elsewhere.
Can I show the ABOVE INHERITANCE receipts under 'EXEMPT INCOME'. Will both these cases be classified as an 'INHERITANCE' or 'GIFT? These was not specifically/individually listed in my late grandmother's will where it was ONLY GENERALLY MENTIONED that all assets were bequeathed to my father (who is my Grandmother's son).
Please advise & oblige.
Thank you