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Father expired and wealth left is it taxable to his wife?

13 October 2016

Dear All,
Almost a year ago my Husband (retired govt. employee) expired and left a wealth mix of retirement corpus and chunk of money on his various savings accounts.

Most of the wealth has been transfered to me by banks as me & my childrens were nominated by my husband. My question is do i or my childrens need to pay Income tax on wealth which we have received from my late husband? is it considered as income as per income tax laws?

If yes please specify limits if any? will it be taxed as per my or childrens income tax slab?
I am housewife and source of income is now pension.

Second part of question is pension which i get from govt. does it also, considered as income and do i need to pay income tax on same?

Regards,
Pradip Sodha Behalf of Bhavna Rathod.

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13 Replies

Sanjay M. Rawat (Self Employed) (15 Points)
Replied 13 October 2016

no need to pay income tax .

Harendra Kumar (Tax Advisor ) (1326 Points)
Replied 13 October 2016

You received wealth through your Lt. husband. If such type income cross the exemption limit then it is taxable. In some circumstances it is not taxable.

CA Srujann kumar Reddy (Asst Manager(Internal audit)) (1679 Points)
Replied 13 October 2016

only pension which you are recieving as un accumulated pension is taxable apart from which other amounts you said you recieved are not taxable

1 Like

Sanjay M. Rawat (Self Employed) (15 Points)
Replied 13 October 2016

if your husband was govt. employee then it apply

Sanjay M. Rawat (Self Employed) (15 Points)
Replied 13 October 2016

for any queries plz visit proper site

Sanjay M. Rawat (Self Employed) (15 Points)
Replied 13 October 2016

depend upon commuted and non commuted penaion

Pradip Sodha (31 Points)
Replied 13 October 2016

Thanks for Reply Harendra Kumar,
What's the exemption limit?

Pradip Sodha (31 Points)
Replied 13 October 2016

Thanks for Reply Sanjay Rawat,
your Reply is in bits & pieces..do you agree with Mr. Harendra Kumar's Advice?

1 Like

Pradip Sodha (31 Points)
Replied 13 October 2016

Originally posted by : Harendra Kumar
	You received wealth through your Lt. husband. If such type income cross the exemption limit then it is taxable. In some circumstances it is not taxable.

smriti kedia (2 Points)
Replied 14 October 2016

Any income earned after the date of death is taxable in the hands of the legal heir or executor of the deceased's estate.

By section 159, the legal heir or representative is deemed the assessee. As such, s/he will have to pay taxes liable to be paid by the deceased.

the liability of the legal heir would be limited to the assets of the deceased which are or might come into his possession

Studentsca (CA Practice ) (3577 Points)
Replied 14 October 2016

no need to pay tax on inheritance.
If any immovable property is inherited then tax liability will accrue at the time of sale of assets.

Family Pension income will be taxable from income from other sources deduction of 1/3 any of pension or rs 15000 is available amount above this Taxable provided it exceeds the basic exemption limit.

basic exemption limit is rs 2,50,000

Harendra Kumar (Tax Advisor ) (1326 Points)
Replied 14 October 2016

Hi,

StudentCA, if a movement, I assume that I have received a huge or small building i.e. commercial or any type from my forefather or relative any kind of and in this regard also received huge amount through as a rent which is higher than exemption limit.

In this regard my question is that should I pay the Tax or Exempt. Please we are waiting your reply.