Menu
FD (Principal amount) of deceased - received by non relative taxable?
Deceased - Primary account holder, survivor - non relative. Survivor became primary account holder after death of earlier primary account holder. Interest earned in the savings account from deposits are taxable in the hands of survivor. What about the Principal amount? is it taxable?
Replies (3)
Quick Summary
Can we invoke the Section - 5, Gift-Tax Act, 1958 - Exemption in respect of certain gifts.
Sec. 5 (1) (xi ) in contemplation of death ;
Interest amount will be taxable
Thanks Mr. Sourav. Even though the survivor is not a legal heir, the principal is not taxable?
Can we refer Sec. 5 (1) (xi) in contemplation of death; ?
Sec. 5 (1) (xi ) in contemplation of death
Read more at: https://www.caclubindia.com/forum/fd-principal-amount-of-deceased-received-by-non-relative-taxable--575741.asp#reply
Read more at: https://www.caclubindia.com/forum/fd-principal-amount-of-deceased-received-by-non-relative-taxable--575741.asp#reply
Recent Topics :
- 70:30 GST rule for solar EPC: partial scope (struc
- TDS on Redevelopers hardship allowance received no
- Who will take FSSAI AND TRADE LICENSE: owner or te
- E Way Bill in respect of Without Bringing Material
- FAST DS 2026 query
- Consultation
- E-way notices for FY 22-23
- Gst file not created
- Regarding 3CEB query
- Omitted E-Commerce Sales Reported in Table 14 but
Related Topics :
CAclubindia
