My father was Govt. Employee and got retirement in 2009. He got all his funds like Gratuity, Pf And All. In year 2012 he suffered from Cancer. So, a couple of month prior to his death he transferred remaining money of all his PF,Gratuity etc to My account which was around 14.5 lacs.(Oct 2012)
Now Income Tax Deptt has send me the notice to Tell where the amount I got. and file the return for the same.
Kindly let me know what I do. Is this Wealth given by My father which was his PF and All is Taxable.
22 August 2015
You need not worry about this. Write a letter giving details of emloyment of your father, bank account details from where it was transferred to you and show your relationship.
You may need to file return if you are investing this 14.5 lakh and get income from that above the taxable limits.
CAclubindia
