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

Tax queries 275 views 3 replies

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)
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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