Transfer of fd
This query is : Resolved
vishakha chawla
(Querist)
15 September 2011
Please help!!!
As my client has recd FD receipt of 30 lacs from his father though his father is nt alive now.They are not having will also as it is to be distribed among other brothers too.Is it taxable income or it is exempt as it is treated as tranfer (gift).Though Bank is giving them the whole amount.
As my client has recd FD receipt of 30 lacs from his father though his father is nt alive now.They are not having will also as it is to be distribed among other brothers too.Is it taxable income or it is exempt as it is treated as tranfer (gift).Though Bank is giving them the whole amount.
Dintakurthi Tirumala
(Expert)
15 September 2011
The FD amount will be exempted but income arising from investment of such amount would be taxable UNDER HUF STATUS.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
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
- Tax on Amount transferred in HUF Account
- Nursery business
- Working on Gold wastage during Melting of old gold jewellery
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- TDS on Dashcam rent and allied services
- GST input credit on commercial property
- Gift to nri relatives residing in usa
- Section 269ST applicability for capital introduced by partner to his partnership firm
- ETDS return q4 25-26
- GSTR-9C filing
- Royalty payments to the Mining Department for procurement of murum - GST input
- HOW TO ADJUST CREDIT NOTE AMOUNT ?
- Import Order Cancelled.
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- 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
- Tally: Imported bank entries do not show up in manual reconciliation
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
