after my father's death, mother received KISAN VIKAS PATRA ammount as a nominee after maturity
i want to know wether the amount is taxable or not
if not under which section
how it should be reflected in the ITR
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Income tax for nominee
Replies (9)
Not taxable
Exempted u/s. 56(2)(x)(c) of IT act.
Under Exempted income. Schedule 'EI'
THANK YOU SIR
while filling this is how it looks( attached file)
can u say where to include it
| Schedule EI | Details of Exempt Income (Income not to be included in Total Income) | |||||||||||
| EXEMPT INCOME | 1 | Interest income | 1 | |||||||||
| 2 | Dividend income from domestic company (amount not exceeding Rs. 10 lakh) | 2 | ||||||||||
| 3 | Long-term capital gains from transactions on which Securities Transaction Tax is paid | 3 | ||||||||||
| 4 | i | Gross Agricultural receipts (other than income to be excluded under rule 7A, 7B or 8 of I.T. Rules) | ||||||||||
| ii | Expenditure incurred on agriculture | |||||||||||
| iii | Unabsorbed agricultural loss of previous eight assessment years | |||||||||||
| iv | Net Agricultural income for the year (i – ii – iii) (enter nil if loss) | 4 | 0 | |||||||||
| 5 | Others, (including exempt income of minor child) | |||||||||||
| Sl. No | Nature of Income | Amount | ||||||||||
| 1 | Income received under Inheritance expt. u/s. 56(2)(x) | 12345 | ||||||||||
| 2 | ||||||||||||
|
5 | 0 | ||||||||||
| 6 | Total (1+2+3+4+5) | 6 | 0 | |||||||||
THANK YOU SIR
Most Welcome ....
SORRY FOR THE TROUBLE
FATHER DIED 3 YEARS BACK, BUT IT MATURED RECENTLY
SO IS IT EXEMPTED UNDER SUCH SITUATION OR NEED TO PAY TAX FOR INTEREST
Only interest part is taxable, not the principal amount.
sir
interest part should be shown under income from other sources and principal part under exempted income u/s 56(2)(x) as u said earlier
is that right sir?
As such the capital receipt was around 3 years back, so better not to declare in this year ITR. As it was tax-exempt, so non declaration of the amount in any earlier ITR was not harmful.
Only declare taxable interest part under IFOS and pay liable tax over it........
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