My father passed away on 20.04.10 and my mother and self ,by virtue of being a nominee, for his savings account, PPF, FD's, post office,LIC policy etc have received the benefits.
I want to know the following: 1. Do I or my mother or any nominee pay Tax as a result during FY 2010-11;AY 2011-12? 2. If yes, what is the rate and category? 3.If no, how do I record in my income tax as not applicable or exempted? 4.Does this fall under inheritance or wealth /gift tax ?
Guest
Guest
(Expert)
22 February 2011
Incometax up to date of death of your father will be taxed in father's name and income of post death period will be taxable in the hands of respectives successors.
08 October 2021
If you and your mother be only legal heirs to your father, you both by mutual understanding can share the amount, which is tax free as inheritance. Any interest on the shared amount will be taxed in respective hands.
CAclubindia
