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Amount received as per the will of a deceased personis termed as:
  • a)
    Legacy
  • b)
    Donation
  • c)
    Capital Receipt
  • d)
    Windfall Gain
Correct answer is option 'A'. Can you explain this answer?
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Amount received as per the will of a deceased personis termed as:a)Leg...
Legacy is the amount received as per will of a deceased person.
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Amount received as per the will of a deceased personis termed as:a)Leg...
The correct answer is option 'A', Legacy.

Explanation:
A legacy refers to the amount of money or property that is left to someone in a will by a deceased person. It is a specific gift or bequest mentioned in the will, which can be in the form of money, assets, or personal belongings.

In the context of wills and estates, there are different terms used to describe the amounts received by beneficiaries. Let's understand each of these terms:

1. Legacy: A legacy is a specific gift mentioned in a will that is left to an individual or an organization. It can include money, property, or any other valuable asset. The person receiving the legacy is known as the legatee.

2. Donation: While donations can also be received from a deceased person, they are generally associated with voluntary contributions given by individuals or organizations for charitable purposes. Donations are typically made during a person's lifetime, and they are not usually part of a will.

3. Capital Receipt: Capital receipts refer to the funds received from the sale of capital assets, such as property, investments, or businesses. They are considered as a return of capital rather than regular income. Capital receipts are not directly related to the will of a deceased person.

4. Windfall Gain: Windfall gain refers to an unexpected financial gain or profit that is obtained without any effort or effort. It is usually a result of luck or unexpected circumstances. Windfall gains can come from various sources such as lottery winnings, inheritance, or unexpected business opportunities. However, in the context of wills, the amount received by a beneficiary is not considered a windfall gain as it is specifically mentioned in the will.

In conclusion, the amount received as per the will of a deceased person is termed as a legacy. It is a specific gift or bequest left to someone in the will, which can include money, property, or other valuable assets. Other terms such as donation, capital receipt, and windfall gain are not directly applicable in this context.
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