after my father's death, mother received KISAN VIKAS PATRA ammount as a nominee after maturity
i want to know wether the amount is taxable or not
if not under which section
how it should be reflected in the ITR
Mahesh Kumar Busineni (12 Points)
18 June 2018after my father's death, mother received KISAN VIKAS PATRA ammount as a nominee after maturity
i want to know wether the amount is taxable or not
if not under which section
how it should be reflected in the ITR
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(175687 Points)
Replied 18 June 2018
Not taxable
Exempted u/s. 56(2)(x)(c) of IT act.
Under Exempted income. Schedule 'EI'
Mahesh Kumar Busineni
(12 Points)
Replied 18 June 2018
THANK YOU SIR
while filling this is how it looks( attached file)
can u say where to include it
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(175687 Points)
Replied 18 June 2018
| Schedule EI | Details of Exempt Income (Income not to be included in Total Income) | |||||||||||
| EXEMPT INCOME | 1 | Interest income | 1 | |||||||||
| 2 | Dividend income from domestic company (amount not exceeding Rs. 10 lakh) | 2 | ||||||||||
| 3 | Long-term capital gains from transactions on which Securities Transaction Tax is paid | 3 | ||||||||||
| 4 | i | Gross Agricultural receipts (other than income to be excluded under rule 7A, 7B or 8 of I.T. Rules) | ||||||||||
| ii | Expenditure incurred on agriculture | |||||||||||
| iii | Unabsorbed agricultural loss of previous eight assessment years | |||||||||||
| iv | Net Agricultural income for the year (i – ii – iii) (enter nil if loss) | 4 | 0 | |||||||||
| 5 | Others, (including exempt income of minor child) | |||||||||||
| Sl. No | Nature of Income | Amount | ||||||||||
| 1 | Income received under Inheritance expt. u/s. 56(2)(x) | 12345 | ||||||||||
| 2 | ||||||||||||
|
5 | 0 | ||||||||||
| 6 | Total (1+2+3+4+5) | 6 | 0 | |||||||||
Mahesh Kumar Busineni
(12 Points)
Replied 19 June 2018
SORRY FOR THE TROUBLE
FATHER DIED 3 YEARS BACK, BUT IT MATURED RECENTLY
SO IS IT EXEMPTED UNDER SUCH SITUATION OR NEED TO PAY TAX FOR INTEREST
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(175687 Points)
Replied 20 June 2018
Only interest part is taxable, not the principal amount.
Mahesh Kumar Busineni
(12 Points)
Replied 20 June 2018
sir
interest part should be shown under income from other sources and principal part under exempted income u/s 56(2)(x) as u said earlier
is that right sir?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(175687 Points)
Replied 20 June 2018
As such the capital receipt was around 3 years back, so better not to declare in this year ITR. As it was tax-exempt, so non declaration of the amount in any earlier ITR was not harmful.
Only declare taxable interest part under IFOS and pay liable tax over it........
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