NO
you need not to pay any tax on this amount , file reply and show this amount as gift/inheritance.
Income tax from money recieved from my deceased father account
My mother received 4 lakh rupees from my deceased father account to my mother account.i file ITR and provide detail of only her pension income.now I get mail for its and they say that I have additional 4 lakh RS of other source of income. What should I do. Should I have to pay tax on this other source of income which my mother received from my deceased father account. Plz help
Asked 7 years ago in Income Tax
In ITR 1 where is the coloum to show this income as inheritance
Asked 7 years ago
Please check Form 26 AS of your father. If there is taxable income and no ITR has been filled of your father, your mother needs to file ITR of your father as legal heir.
Your mother needs to show the income under exempt income and file ITR-1. There is no need to pay tax on inheritance.
No, such amount is not taxable. Prepare a reply and inform the income tax officer about the source of money and attach the death certificate of father also. The proceedings should be dropped.
you need not to show such amount in ITR Form but maintain record of the same and produce before income tax authorities as and when they ask.
Hi
There would be no tax liability for inheritance money received.
Show it as exempt income in the ITR form. Revise the income tax return.
However, please ensure that all the due taxes of your father had been paid .
No..you need not pay taxes on this income.
Just reply to the query stating the source of income and that should be fine.
Regards,
Nikhil
No, you don't need to pay tax on it. You can reply saying it's an inheritance money.
In ITR 1, inheritence money is to be shown under exempt income.
Please feel free to call/ revert in case you need more clarity.
Thanks and regards
Abhishek Dugar
CA CS B.Com
mo tax, no need to show in itr, just proof to income tax authorities that this money is recieved from deceased father.
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