Transfer of fd
This query is : Resolved
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.
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
- House Property Reporting in ITR
- TDS Claim year
- Relief u/s Section 89
- Rent lease agreement
- TDS Challan Code
- Lease agreement and tax on sale
- SALE BILL AGAINST GOODS RETURN
- GST Rate applicable for 0% Food Items sold by an Industrial Caterer
- Merchant Export Accounting
- Supply through E-commerce Operators
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
