Inherited property
This query is : Resolved
DEBASISH BODHAK
(Querist)
08 August 2017
One of my friend got Rs.3700000/- as nominee of bank FD, Rs.1200000/- as 2nd holder of bank FD and Rs.957000/- as LIC's death claim after his mother's death. Now my question is;
1) Is there any provision to disclose the above income in the Income Tax Return? If yes, in which portion he has to fill in the ITR 3?
2) For all of this is the wealth tax is applicable for him?
1) Is there any provision to disclose the above income in the Income Tax Return? If yes, in which portion he has to fill in the ITR 3?
2) For all of this is the wealth tax is applicable for him?
K Srinivas, CMA CS
(Expert)
08 August 2017
Bank fd proceeds, insurance claim settlement etc are in the nature of capital receipts and hence are not taxable in recipient's hands.
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K Srinivas, CMA CS
(Expert)
08 August 2017
If your friend reinvest the money, any income from such invest,ents have to be reported and tax be paid accordingly
K Srinivas, CMA CS
(Expert)
08 August 2017
Wealth tax is not applicable
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Amol S Joglekar
(Expert)
08 August 2017
you can show it under exempt column
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