A wife inherited her husbands
1. PF
2. Insurance
3. House
4. Mutual Funds
5. Shares
6. Business
Under which section is she suppose to declare all of the above while filling her IT Return
1. For the assets that were tax free investments such as LIC or PF?
2. For all other assets such as shares and mutual funds?
3. Will the non-taxable assets continue to remain non-taxable?
Dear Vinita,
Currently there is no tax on asset or property received under gift/will/inheiritence
so, in your case, the income will not be taxable and as such, need not be declared
1 - PF - tax-free
2 - Insurance - tax-free
3 - House - tax-free (taxable when it is sold)
4 - Mutual fund - tax-free (taxable when it is sold)
5 - Shares - tax-free (depends on type of shares)
6 - Business - need clarification, what kind of business? How it was transferred?
Inheritance is required to be supported by proper document issued by a competent authority. Will prepared by the deceased need to be probated. Succession certificate or letter of administration is required when Will is absent.
| Originally posted by : Mihir | ||
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1 - PF - tax-free 2 - Insurance - tax-free 3 - House - tax-free (taxable when it is sold) 4 - Mutual fund - tax-free (taxable when it is sold) 5 - Shares - tax-free (depends on type of shares) 6 - Business - need clarification, what kind of business? How it was transferred? Inheritance is required to be supported by proper document issued by a competent authority. Will prepared by the deceased need to be probated. Succession certificate or letter of administration is required when Will is absent. |
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AGREED WITH MIHIRJI
ALL ARE TAX FREE EXCEPT BUSINESS U HAVE TO PAY ANY DUES LIKE TAX ETC
PLZ ELABORATE WHICH TYPE OF BUSINESS U HAVE INHERITED
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