Taxability of amount received by me on the death of father

This query is : Open

T.V.Srinivas

T.V.Srinivas (Querist)
Follow

04 April 2018 Sir, My client has received Rs 6,00,000 to his bank account because his father in Fy- 15-16 on 20th NOV 2015 he sold a lorry(heavy good carrying vehicle) which was used for commercial purpose, on 25th Nov 2015 the owner of the vehicle was died and so that the other party who purchased the vehicle has transfered the amount of consideration 6,00,000 to his son(my client) account

Whether the amount received by my client is taxable or not?

Pleas guide me how to disclose this amount 6,00,000
Thanks in advance

K Srinivas, CMA CS

K Srinivas, CMA CS (Expert)
Follow

04 April 2018 The amount received by your client is the income earned by your client's father. Hence, not taxable in the hands of your client

K Srinivas, CMA CS

K Srinivas, CMA CS (Expert)
Follow

04 April 2018 The gain from such sale will be part of the deceased's income and the income should be reported in the deceased's ITR. His legal heirs can file ITR as representative assessee

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
Follow

05 April 2018 The income received by your client is taxable in hands of his father. So much income is reported in father's ITR & same is signed by his son as legal heir.

sasank

sasank (Expert)
Follow

23 August 2019 Dear Sirs, What about Tax payable.? whether the legal hire has to pay tax on behalf of his father?

sasank

sasank (Expert)
Follow

23 August 2019 Dear Sirs, What about Tax payable.? whether the legal hire has to pay tax on behalf of his father?

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

B.K.RAJANDHERAAN

NITHIN GEORGE

KRK

Amit Yadav

John Ravindran Moses

Subscribe Now

Taxability of amount received by me on the death of father

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

CA Final

Accountant

GST CONSULTANCY

Manager- Finance and Compliance

Article Assistant

GST CONSULTANT