hi! guys!
I have a KVP of Rs.2,00,000/- incepted on 03/11/2001 gifted by my father to me. The maturity time should be in Feb 2009 probably.
Now, i am paying personal income tax since last two years but failed to show in my returns. I wish to show it in my next incoming tax return file.
What is the tax amount am i liable to pay on the interest gained? I think i have to pay tax on interest gainded from the time i have started filing return as before that i was non earning. Am i also liable for a penalty? if, yes how much?
Also, i have not yet encashed the KVP though it has matured. Do i earn any interest gains any further? if yes, how much?
Can the KVP be gifted by me further to my wife for tax benefits? if no, then what do i do next for tax benefits.
Amit
CAclubindia
