Say my father invested 'x' amount of rupees in REC 54 EC bond in 2020. He was the first holder and I was the second holder. There were no other joint holders. My father used to get 'y' amount of interest per year from the said bond and this amount used to get credited in his own bank account (my mother was joint holder in this bank account). My father died in December 2023. Now, if I perform transmission of the said bond in my own name and own bank account number, it is clear that from now onwards, the aforementioned 'y' amount of interest from the bond will start getting credited in my own bank account and I have to pay income tax on that. My question is: On maturity, when the invested principal amount will get credited to my own bank account, will I have to pay income tax on this principal amount?
Menu
TRANSMISSION OF CAPITAL GAIN BOND
Maturity amount from bonds are not taxable up to Rs.50 lakhs under section 54EC.
Note:
There are disadvantages in joint account holder in bank account. Joint holder is liable to tax. Please file Income tax return for joint bank holder. That would be helpful to prove these bonds income were not belong to spouse.
Mukherjee makes fun at professional platform. Just scoring for his personal use.
Leave him. If others see this platform will be less valued.
Please don't waste your valuable time for this. Mr.Raja got really tired of him.
Many thanks for the clarification!
Thanks a lot for your response
Tax on Capital Gains Arising from Sharеs, Land, and Buildings
Capital gains tax is an important aspеct of incomе tax regulations that individuals and businesses nееd to consider whеn thеy sеll cеrtain assеts, such as sharеs, land, and buildings. This tax is applicablе on thе profits еarnеd from thе sale of thеsе assets. In this articlе, wе will delve into thе details of thе tax on capital gains and undеrstand its implications on different typеs of assеts.
Undеrstanding Capital Gains Tax
What is Capital Gains Tax?
Capital gains tax is a tax lеviеd on thе profits realised from thе salе of cеrtain capital assеts. It is categorised undеr thе Incomе Tax Act and is applicablе to individuals, businеssеs, and othеr entities that havе madе capital gains during thе financial yеar.
Typеs of Capital Gains
Thеrе arе two typеs of capital gains:...
To continue reading, click here
To read more blogs like this, visit Swipe Blogs
Recent Topics :
- Capital Gain on sale of Vacant Land- Whether Demol
- Hello dear I want help .
- Category B/D pop up after the file is e verified
- Section 56(2)(x)(xi) applicability to compensation
- How to claim exempt income u/s 10(26) in ITR-1 of
- 63053900 tax rate
- Clubbing of deceased's income
- Which ITR to use
- Sovereign gold bond capital gain
- In TDS section no column for relationship in itr
Related Topics :
CAclubindia
