Dilip Khambete (98 Points)
17 January 2023How do i record fd and cash in bank i inherited after my fathers death (his savings acvount )in my tally balancesheet
Will that be considered my income
Is it necessary to declare it? If yes, how ?
I have a clinic and i fill itr4 form for incometax for income generated from my clinic
Regards
Dilip khambete
Yasaswi Gomes new
(Finance )
(4501 Points)
Replied 17 January 2023
In India, however, the concept of levying tax on inheritance does not exist now. In fact, the Inheritance or Estate Tax was abolished with effect from 1985. It is not income as well
Many a time, the inherited property is a source of income – rent, interest etc. – to the owner. When the heir becomes the owner, the income goes to him. So, the new owner must declare this income and pay taxes accordingly.
so
Dr. FD
Dr. Cash
Cr. Gift
and interest is taxable on FD but there is no gift tax levied
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
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