liability of tax
This query is : Resolved
25 August 2017
hello sir/madam
Sir i want to ask you, is my mom liable to pay income tax on interest earn by kisan vikas patra (joint B type) after my father's death?
please give your valuable advice...
thank you
25 August 2017
Interest on KVP is taxable. Your mother is liable to pay Tax only her Total Taxable income is more than exemption limit.
25 August 2017
sir wont it be come under inheritance property?
26 August 2017
Tax earned on inherited property is also taxable.
26 August 2017
Sir the KVPs were purchased by my father nd so they r being matured, so that interest will go in father's account na?
26 August 2017
Yes. But now the income will be taxable in hands of your mother as representative assessee.
26 August 2017
Ya got it...
Thanks alot :)
Thanks alot :)
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