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 ?
Hi @Vj_KS
You can show this as an exempt income > gift under IFOS in your ITR.
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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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2 posts were merged into an existing topic: Taxation for HUFs | Is clubbing applicable
2 posts were merged into an existing topic: How are gifted shares taxed?
Hi Team,
I am planning to gift my shares in my demat account to my Mother . I am having a captain gain of 100% on the shares I’m planning to transfer. Could you please let me know what would be the tax implications for my Mother?
Thanks ,
Alex
Hi @Alex1,
There will be no tax implications when you gift these shares to your mother as gifts given to relatives are tax-free in the hands of the receiver.
However, whenever your mother decides to sell these shares, the tax will be applicable to the capital gains. Moreover, to calculate the capital gains the date and cost of acquisition of the previous buyer (i.e. the sender of the gift) are considered.
Inheritances are usually exempt from income tax, as inherited property or assets are generally not taxable. Depending on the value and jurisdiction, estate or inheritance taxes may apply. Future income derived from inherited assets, such as dividends and rental income, is taxable. The benefits of inheritance can be maximized by consulting with a tax advisor to ensure compliance with tax laws.