My father unfortunately passed away in Sep'20. I have few queries pertaining to his & mine IT filing for AY 2021-22. I am his legal representative as well as beneficiary of assets.
1) Can I carry forward my father's long term capital losses in equity as I will be inheriting his shares?
2) Some of his fixed deposits will mature in FY 2021-22. So it is okay to continue with them till their maturity in next F.Y. (and accordingly the beneficiary pays taxes) or do I need to close them pre maturely? I am asking this from income tax perspective.
3) Am I eligible to get the same IT deductions as my father since I'm his legal representative? My father was a senior citizen.
4) Does the interest earned in Senior Citizen Savings Scheme qualify for exemption under 80TTB?
5) I am due to receive some refund from a builder through RERA. This will be inclusive of some principal and the rest as interest. Can this interest part be treated as compensation (non-taxable) or will it be treated as income?
6) Ref. point #6, I have not paid advanced on 15th June & 15th Sep as I wasn't sure when the refund from RERA would hit my account. While I have made a payment for advance tax today, will I incur any penalty? I had read online that computation of advance tax to be done only after receiving the income in the account which we're not sure of earlier.
Pls help in replying to the above. Thanks.
CAclubindia
