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POSTED BY ON April 28, 2012 5:09 pm COMMENTS (9)
i got some money as a nominee of a deceased in f.y. 2011-12 and 2012-13. there is no will and it will be ultimately donated to the organization decided by the legal heirs(INCLUDING MYSELF) before end of f.y.2012-13. the deceased was a non taxpayer as her income was well below income tax limit.. my queries:
1.where should i show the receipt of the money as nominee in my i.t. return for f.y.2011-12(and also f.y.2012-13)?
2. there would be some income on this money. should it be accounted to me or the deceased? where should this income be shown in my income tax return in yr of income, if it is required to be shown in my income tax return?
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MY HUSBAND EXPIRED IN THE YEAR 2015 & I RECEIVED THE MONEY FROM E P F IN THE YEAR 2017 AS NOMINEE – WILL I BE LIABLE TO PAY THE INCOME TAX ON MONEY RECEIVED FROM E P F — RASMI
No , its not taxable
@ashal jauhari,
again thank you as always.
@ashal jhohari
thank you very much for your reply. for query 2 , i am now clear that i should show the income on the inheritance received should be shown as my income under head ‘income from other sources’. whereas for query no.1, as i am only caretaker as nominee and money got as inheritance( as far as my part) and not as any income, i need not to show it any where in my i.t.return. am i correct?
Dear Bharat, if you want to show the nominee money you can declare the same under the head income not chargeable to Tax.
Thanks
Ashal
Dear Bharat, being the nominee of the money, you are merely the care taker of the money & not the owner. Yes all the legal heirs (including you) ‘ll receive their individual shares. As the income is received as inheritance the question of tax liability on the individual share of the same does not arise.
Yes the interest earned by you from the nominee amount during the time the full amount was with you ‘ll be your income from other sources & taxable to you. Please quote this interest income as income from other sources in your ITR.
thanks
Ashal
precisely our eldest brother’s childless widow…
i don’t know exact definition of blood relative, but she (the deceased) was my (our) eldest brother’s childless wife.
Was the deceased person your blood relative? Because the taxation rule accordingly…