Tax implication on investing money received after father's demise
This query is : Resolved
05 September 2021
Hello,
My father expired recently. He was still a employee in SAIL. As a nominee, my mother received money accumulated in PF, Gratuity etc (around 50Lacs).
1. Can I use the money received by my mother to invest in MF, Stocks, gold etc, from my broker account?
2. What are the taxes that will be applicable if I invest the amount?
3. Or, is it better to open broker account for mother, and invest through it, in terms of taxation?
I work as IT professional with income of 5Lac.
Regards and Thanks
Pramod
My father expired recently. He was still a employee in SAIL. As a nominee, my mother received money accumulated in PF, Gratuity etc (around 50Lacs).
1. Can I use the money received by my mother to invest in MF, Stocks, gold etc, from my broker account?
2. What are the taxes that will be applicable if I invest the amount?
3. Or, is it better to open broker account for mother, and invest through it, in terms of taxation?
I work as IT professional with income of 5Lac.
Regards and Thanks
Pramod
05 September 2021
1 yes.
2 and 3 As you are earning taxable income to avoid taxes invest in mother's name.
Limit the investment in stock market and mutual fund. Gold and fixed deposits advisable.
Invest in senior citizens fixed deposit for 15 lacs in post office or bank to earn higher rate of interest in your mother's name.
2 and 3 As you are earning taxable income to avoid taxes invest in mother's name.
Limit the investment in stock market and mutual fund. Gold and fixed deposits advisable.
Invest in senior citizens fixed deposit for 15 lacs in post office or bank to earn higher rate of interest in your mother's name.
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