Tax liability of joint kvp
This query is : Resolved
Ganesh V. Chikhalikar
(Querist)
03 January 2016
Sir,
My father had invested in KVP in 2007 in the joint name with my mother as ‘either or survivor’. He sadly passed away before the maturity of such KVP and now my mother has received the whole amount. Now, I want to know whether the whole amount of interest needs to be declared in my mother’s IT return or how? the interest has not been declared before. My father passed away in Mar 2015. KVP matured in July 2015.
Please provide your valuable guidance Sir.
Thank you.
My father had invested in KVP in 2007 in the joint name with my mother as ‘either or survivor’. He sadly passed away before the maturity of such KVP and now my mother has received the whole amount. Now, I want to know whether the whole amount of interest needs to be declared in my mother’s IT return or how? the interest has not been declared before. My father passed away in Mar 2015. KVP matured in July 2015.
Please provide your valuable guidance Sir.
Thank you.
CA PARAS BAFNA
(Expert)
04 January 2016
As the interest has not been shown on accrual basis earlier, the only way left out to declare the income is to show the same on receipt basis. So, show the interest on KVP as income for the FY 2015-16 ( AY 2016-17).
in your mother's return.
in your mother's return.
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