itr-4

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

17 January 2011 can income from other source shown as capital in person's capital a/c in ITR-4..income from other souce being income of lic(on death of father.

Guest

Guest (Expert)

17 January 2011 Death claim on insurance is not a taxable income.

Querist : Anonymous

Querist : Anonymous (Querist)

18 January 2011 thank u sir.but i would like to know
that in ITR-4 we need to give b/s of business. can this lic amt added to my capital in balance sheet.?

-death person(father) also have money invested in SBI pension schm. and post office saving can this amt received by me,taxable in my (son)hand.can i added this to my capital a/c in b/s in itr-4.i had already made investment from all this amt.and shown in my b/s .

urgent

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Guest

Guest (Expert)

18 January 2011 in case of business income , B/S of the business should be furnished in the return if you are not having business income on presumtive basis. however, any thing succeeded from father is not your income for incometax purpose

Querist : Anonymous

Querist : Anonymous (Querist)

19 January 2011 that means whatever amt. i received on death of my father like ppf,lic,post office saving, sbi pension are not taxable in my hand.

thank u

Guest

Guest (Expert)

21 January 2011 Yes definitely