Itr filling

shalini (Querist) 22 July 2018 This query is : Resolved
sir
my brother have a job in private organization and file ITR1 every year.
last year our parents get expire.
He get money by cheque which was deposit in name of our parents no nomination was made (post office and Bank) being a legal heir ,with my consent(letter of relinquishment).
My question is whether this amount is taxable in income tax/have to show in ITR 1? if yes how in which section .

Follow Query

Report Abuse

K Rajasekharan (Expert) 23 July 2018
The money father received from his son, who paid the tax at the source, is something equivalent to a gift and is not taxable.

Similarly, the share you get from your father’s assets on his death is also not taxable, but you have to pay the tax if you get bank interest exceeding Rs 10000/- which will be deducted by the bank itself.

You can add the bank interest as TDS2 in the online form itself and the tax will be automatically recalculated by the system itself.