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
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
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.
CAclubindia
