taxable or not
This query is : Resolved
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
17 August 2010
if it is taxable then under which section?
17 August 2010
yes taxable in the hands of Daughter, under the head other sources.
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
18 August 2010
@ mohinder kansal: Sir, only interest will be taxable.. what will be the taxability of the whole amount so transferred?
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
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
- About TDS & Income Tax
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- Pass word to open justification report for Q1 for FY 2026-27
- Section 194JA & JB Income which ITR Form to use
- Under construction property in ITR
- Scrutiny and reopening of past returns
- PPF interest-As Exempt Income disclosure
- Upload Level ValidationITR3Category of Defect B/D
- Not able to file ITR
- Building tax payment deduction in rental Income
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
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
