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Income tax on income from inherited shares and fds

184 views 3 replies

Dear friends and professionals,

I am person of Indian origin with foreign citizenship. Have a PIO card and PAN card. In year 2017, I have inherited funds from FDs and a DMAT account . Bank has trasmitted these accounts under my name based on nomination from my deceased mother. These assetts are part of my deceased father's Estate where I am the legattee in his Last Will.  My mother was life interest beneficiary and was receiving income from these accounts for 13 years. My father's Will  is in process of Probate in the Court.

(1) As these funds are in my individual name now and bank is deducting TDS on interest and dividend income...what kind of income tax paperwork i am required to file and when ? 

Thank you.

Replies (3)

For financial year ending 2017-18, you are required to file ITR for AY 2018-19 (before 31.07.2018); for the income earned and accrued in India (i.e. bank interest etc)  and claim any excess TDS deducted.

Thanks.

What happens If I am unable to file ITR until October2018 ?  What is the punishment for late filing ?

1000/- late fees


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