If amt received from deceased father bank account is it taxable or not

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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
Replies (7)
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
Thanks
means I don't need to mention this inheritance amount in my itr
You don't have to mention in your ITR as it's inheritance.Next year any interest on Rs 6L will be taxable income in your ITR.
Need one more favor

while filing my return when my verified the return it's got error - error message 1
while clicking on error- it's opening fill amount in income from other sources
but I fill all details
like interest on saving bank amount
how to fix this
Income from other sources means interest income earned on FD, capital gains etc.you are missing some income that is treated as income from other sources.
I forgot to fill interest from fixed deposit
but I had fill interest received from saving account

but then still showing error
CHK form26AS check the interest on all fds .If amount in 26AS is more than the interest you put in ITR then mismatch will occur.the interest you fill in ITR should be more than that in 26As

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