Income-tax burden on joint account holder after expiry of first holder

Hi, This is regarding a joint account that I am holding with my Father as first account holder. My Father was paying income tax for the money in the account till he was alive.

As my father has expired, the money in the account is now in my name as the sole account holder. In that case, does the entire amount in the account get added to my income for the year and will be considered for my Income Tax calculation for the Financial Year?

Or I need to pay tax on only the Interest Income for the Financial Year only?

Regards

 

 

Replies (3)
Quick Summary
If you hold a joint bank account and the first account holder has passed away, you may be concerned about the tax implications. The good news is that the principal amount in the account is generally considered inherited and is therefore exempt from income tax. You will only be liable to pay income tax on the interest earned from the account during the financial year.

Only intreast part
Any sum received by way of succession or inheritance is exempted in income tax. You have to pay tax on interest part only.
Only Interest part should be considered

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