Deceased father's income

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This discussion addresses how to handle a deceased father's bank balance and property for the first time through an income tax return. It explores options like declaring income under 'Income from Other Sources' (IFOS) or appointing a representative assessee. The implications of gifting assets to the mother and subsequent tax calculations are also considered.

sumiraja

sumiraja (Querist)
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22 July 2020 Sir as my father is dead due to chorona he has 80 lakhs bank balance and some properties till he has never paid any income taxes. But now we want to add his property and bank balance among three brother by filing first time income tax return can we pls suggest.

Eswar Reddy S

Eswar Reddy S (Expert)
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22 July 2020 Income can be shown under IFOS :Income of other person and pay taxes.

Eswar Reddy S

Eswar Reddy S (Expert)
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22 July 2020 Else take proper permission from IT Dept and add any one as representative assessee in E filing portal of dead person and pay taxes and file his ITR

sumiraja

sumiraja (Querist)
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23 July 2020 Sir as nominee is mother he is willing to share this income as gift to her son.how tax will be calculated how much tax

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