What should i do ?

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

31 January 2015 Dear experts , Need you advice... In Partition , i have received 20 tola gold and 3 kg silver and 3 lakhs cash . Partition was done amoung all brothers after fathers death . After mothers death , i also got 50,000 cash . there was 10 years gap in my mother and father's death . I hvae made an fd from that amount . Will it be considered as my income or will it be exempted from my income ? I have a partition deed but it was not prepared at that time it was prepared After mother&father's death .

Nikhilesh Kataria

Nikhilesh Kataria (Expert)
Follow

31 January 2015 In either case, the amount is not taxable. If the amount is received in family settlement it is property of HUF of father and is a capital receipts. Asset or cash received is not taxable as any property received in full or partial partition of HUF is not regarded as transfer under the provisions of section 47(i) which deals with capital gain. It will not matter if the partition deed was made after death of the father.

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

31 January 2015 Respected Nikhilesh sir :: Will i have to worry about the source of income of my father ? Will i have to be arrange the receipts to support that cash which i have received in partition . Since i have received cash , it was not withdrawn from bank .... will it matter ?

Upgrade to CAclubindia Pro. Subscribe Now!

Querist : Anonymous

Querist : Anonymous (Querist)

31 January 2015 Since my father was farmer . They had to deal with cash . We received everything from his personal locker in his room .