Income tax against fathers fds after death

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itrchela (Querist)
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17 July 2018 Hi,

Due to the cardiac arrest my father got expired in April 2017. After his death, I have fulfilled all necessary documents to the banks and closed all his FDs in the bank and transferred the amounts to my accounts.

I am a salaried person and I am paying tax from last 10 years via ITR-1 form.
Dose the above amount considered as my income?
How can I exempt the amount I have received after father's death from my regular income? Do I need to pay whole tax on the transferred amount as well?
Which form and which category from that form I have to choose?

I need to understand the whole thing! So please help.

Thanks...

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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17 July 2018 You can continue to file ITR 1.
Transferred income is exempt in your hands no need to pay any tax on it.

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itrchela

itrchela (Querist)
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20 July 2018 Thanks a lot for a quick reply!
One more query, is there any option, clause in the ITR-1 where I can mention this amount [which will be considered as an exemption, due to proper reason].
Because, IT department may raise a query based on the money transferred to my account!

Please suggest!

Thanks,
Pavan

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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20 July 2018 Show the amount in exempted income in ITR 1.

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