After six month of death of my Father I have deposited cash 4 lac in FY 2015-16 in saving account... That amount is of my father's cash... Which amount didn't shown in my ITR as income of FY 2015-16... ITR is of 3 lac...
Can it department impose any addition...?
what is the penalty calculation method...?
How much penalty...?
Gift received under a Will or by way of inheritance is fully exempt in the hand of legal heirs.
This money is fully exempt in your hand as it will cover in exception of section 56 (taxability of gifts)
No penalty on this sum will impose by income-tax department.
CAclubindia
