Income Tax on Death Claims
This query is : Resolved
16 May 2022
Hello CA Experts,
My sister & father passed away last year due to covid. Both had made my mother as nominee and the death claims was settled in my mother's SB account during last FY (2021-2022) itself.
My question : What is the Tax Percentage to be paid on the Death Claim amount received ? and will the death claim amount need to be shown/ declared in IT Return ?
Rgds, Krishna
My sister & father passed away last year due to covid. Both had made my mother as nominee and the death claims was settled in my mother's SB account during last FY (2021-2022) itself.
My question : What is the Tax Percentage to be paid on the Death Claim amount received ? and will the death claim amount need to be shown/ declared in IT Return ?
Rgds, Krishna
16 May 2022
Dear Krishna,
First of all, please accept our condolences. Last couple of years have been really hard on everyone.
With regards to your query, the death claims are non - taxable. However, if there was any other income in your sister and father's name before their unfortunate and untimely death, that needs to be accounted for in their tax return (to be filed by legal heir).
First of all, please accept our condolences. Last couple of years have been really hard on everyone.
With regards to your query, the death claims are non - taxable. However, if there was any other income in your sister and father's name before their unfortunate and untimely death, that needs to be accounted for in their tax return (to be filed by legal heir).
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