Yes, an amount of Rs. 15 lakh capital gains is applicable to inherited property tax.
As a nominee, the FD of my father is now transferred to my name. I know that the inherited amount is not taxable. But it is reflected in my name now. How to declare that FD is inherited and hence shouldn’t be taxed ?
Thank you Shruthika for your response.
Should I declare that in the current year or after 2 years when the FD matures ?
Hi @Vj_KS
You must disclose the FD in the year in which you have received as exempt income.
However, whenever the interest is received, it shall be taxable in your hands.
Hope this helps.
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