taxable or not
This query is : Resolved
SHRUTI GUPTA
(Querist)
17 August 2010
Mrs. and Mr. A having a single girl child (major). Due to sudden death of her parents i.e death of mrs. and mr. A, amount saved in bank in the for of FDs of parents has been tranferred to the girl's bank account. no will was made by the parents.
now my querry is, whether such amount is taxable or not?
if not taxable or taxable then which head n which source and which section is applicable?
now my querry is, whether such amount is taxable or not?
if not taxable or taxable then which head n which source and which section is applicable?
17 August 2010
as per my understanding it is taxable under the head other sources
SHRUTI GUPTA
(Querist)
17 August 2010
if it is taxable then under which section?
CA Ravi Sisodia
(Expert)
17 August 2010
yes taxable in the hands of Daughter, under the head other sources.
mohinder kansal
(Expert)
17 August 2010
Interest recd. till the date of death of parents shall be taxable as income of the parent and daughter shall be submit the return being L/R. After death of the parents intt. recd. on FDR will be taxable as income of the daughter u/s 56 income from other sources
Message likes :
1 times
SHRUTI GUPTA
(Querist)
18 August 2010
@ mohinder kansal: Sir, only interest will be taxable.. what will be the taxability of the whole amount so transferred?
mohinder kansal
(Expert)
18 August 2010
only interest shall be taxable. amount was belonging to parents and any money which is recd. from parents is tax free u/s 56
Message likes :
1 times
SHRUTI GUPTA
(Querist)
18 August 2010
thanx to all....
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Capital Gail Exemption Certificate
- Taxation of crypto futures in India Fy 2026- 2027
- MSME disclosure and disallowance
- EPF ECR NEW RULES Sep 17th 2026
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Accounting treatment of AMC alongwith the purchase of Laptop
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
