Easy Office
LCI Learning

Exempt income more than taxable income

This query is : Resolved 
Profile Image

Profile Image

(Querist)
24 July 2022 Sir,
My taxable income is 8 lac but I received 55 lac as nominee after death of my relative from bank, which I believe should be declared under Exempt Income as inheritance.
Under this circumstance, should I fill ITR 1 or ITR 2.

Appreciate your response.

Regard
Profile Image

Dhirajlal Rambhia online

Profile Image

Dhirajlal Rambhia online (Expert)
24 July 2022 File ITR 2.
Profile Image

kishore K

Profile Image

kishore K (Querist)
24 July 2022 Thanks Dhiraj sir for your reply. I don't have any share, MF sale/purchases. Should I still go for ITR 2
Upgrade to CAclubindia Pro. Subscribe Now!

Profile Image

Dhirajlal Rambhia online

Profile Image

Dhirajlal Rambhia online (Expert)
24 July 2022 Yes, due to aggregate income more than 50 lakhs, ITR 1 is not eligible.
Profile Image

kishore K

Profile Image

kishore K (Querist)
26 July 2022 Thank you sir for your valuable time and guidance
Profile Image

Dhirajlal Rambhia online

Profile Image

Dhirajlal Rambhia online (Expert)
26 July 2022 Most welcome ...

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries


CCI Pro

Trending Online Classes

view all classess
Let's Talk Money: You've Worked Hard for It, Now Make It Work for You
Click here for more bestsellers


Answer Query



Quick Links