taxable or not
This query is : Resolved
17 August 2010
Mrs. and Mr. A having a single girl child (major). Due to sudden death of her parents i.e death of mrs. and mr. A, amount saved in bank in the for of FDs of parents has been tranferred to the girl's bank account. no will was made by the parents.
now my querry is, whether such amount is taxable or not?
if not taxable or taxable then which head n which source and which section is applicable?
now my querry is, whether such amount is taxable or not?
if not taxable or taxable then which head n which source and which section is applicable?
17 August 2010
as per my understanding it is taxable under the head other sources
17 August 2010
if it is taxable then under which section?
17 August 2010
yes taxable in the hands of Daughter, under the head other sources.
17 August 2010
Interest recd. till the date of death of parents shall be taxable as income of the parent and daughter shall be submit the return being L/R. After death of the parents intt. recd. on FDR will be taxable as income of the daughter u/s 56 income from other sources
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18 August 2010
@ mohinder kansal: Sir, only interest will be taxable.. what will be the taxability of the whole amount so transferred?
18 August 2010
only interest shall be taxable. amount was belonging to parents and any money which is recd. from parents is tax free u/s 56
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18 August 2010
thanx to all....
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