Nimesh Singh (Commerce Graduate) (22 Points)
24 July 2022My aunty received off market credit transactions worth Rs. 7.5 lakhs + by way of transmission of MF units due to demise of her husband and the same is shown in AIS for FY 2021-22 .As on 31.03.2022 she continues to hold the same and has not redeemed the above units .
Whether the same will be taxable in her hands while computing income for F.Y. 2021- 2022 ? Whether the same to be disclosed in ITR ?
Samantha J
(1236 Points)
Replied 25 July 2022
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178169 Points)
Replied 25 July 2022
Its tax exempt u/s. 56(2) of IT act, due to inheritance.
Declare it in her ITR under 'Exempt income'...
CAclubindia
