My mom had inherited some family heirlooms (jewelries and such) from her mother when she was married. But now, due to financial crisis, she wants to sell them. She wanted to transfer a portion of the value of sale directly into my account from the sellers account and the rest to her account. Or, transferring it to her account from the sellers and then transferring it to my account is a better idea. Please advice.
How do I disclose this income in my return? Do I have to pay any tax on such amount?
Jan. 08, 2018