cash gift given by deceased father
Santanu Bhaumik
(Querist) 05 August 2013
This query is : Resolved
Dear Sir(s),
My deceased father who had expired about a year back, left some cash with my mother for me which I am not sure whether he had subjected to tax. Now if my mother gives me the amount with a declaration that she had received it from my late father and giving it to me, what kind of taxation will be applicable for that?
Advocate Ravinder
(Expert) 08 August 2013
As it is only one year has been elapsed, nothing to worry. File returns, mentioning the delay in accounting the amount. Nominal charges will be charged.