1.I have received amt approx 6lakh of savings & fixed deposit from my deceased father
2.as I was nominee in their bank account
3. he was 64 years old
and from last few year his annual income was approx 2lacs
so we are not filing their income tax return
4.while filing return form1 , where should I mention this amount
5.and is this amount is taxable or exempted
so please guide me & thanks in an advance
1.Inheritance amount Rs not taxable in your hands. Before you received it the interest of fds and savings along with Rs 2lakh dad income taxable if it exceeds Rs 3lakh senior citizens limit
You can file for dad tax in dads PAN.
4.You don't have to show Rs 6L inherited amt in itr but you must keep proof that you received as heir if Dept questions. You will file returns in your PAN include interest income from 6L.
5.Inherited amt no tax but keep proof death cert etc
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