k.mukund (student) (52 Points)
23 July 2010
hiii alll, i hv a tax querry!!!!
after the demise of m grandfather, the bank account which he was maintaining was trsfrd to my father's account. it was around rs.80000
I would like whether
1) tax is payable on that amt.
2) tax is payable on the int income on that amt.
Pllllzzzzzz reply!!!!!!
Thanks,
Mukund
Harpreet
(* * * * * *)
(1670 Points)
Replied 23 July 2010
As per my knowledge the amount which was received from ur grand father to ur father is not taxable for ur father but interest on that amount will taxable for ur father.
venkatraman shrinivas
(Tax consultant/Tax Advocate In Practice.)
(313 Points)
Replied 23 July 2010
Hi Mukund,
The transfer of account in the bname of your farther does not attract any tax since it is under normal succession Act
As regardsliability to tax under normal circumstances,, as a CA student you ought to know that the Taxable marginal limit in vogue is 1.6 lakhs for individuals. Apparently the interedst cannot earn interest to such an extent, especially when you say the interest the deposit carries is only 6.5%.There is, therefore, no liability to tax on this score also on the interest, if anay generated farom out of the said deposit.
CAclubindia
