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liability of tax

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(Querist)
25 August 2017 hello sir/madam Sir i want to ask you, is my mom liable to pay income tax on interest earn by kisan vikas patra (joint B type) after my father's death? please give your valuable advice... thank you
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
25 August 2017 Interest on KVP is taxable. Your mother is liable to pay Tax only her Total Taxable income is more than exemption limit.
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Aditya Gupta

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Aditya Gupta (Querist)
25 August 2017 sir wont it be come under inheritance property?
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
26 August 2017 Tax earned on inherited property is also taxable.
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Aditya Gupta

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Aditya Gupta (Querist)
26 August 2017 Sir the KVPs were purchased by my father nd so they r being matured, so that interest will go in father's account na?
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
26 August 2017 Yes. But now the income will be taxable in hands of your mother as representative assessee.
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Aditya Gupta

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Aditya Gupta (Querist)
26 August 2017 Ya got it...
Thanks alot :)

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