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Income Tax of my Mother

Income Tax - Started By: - Arvind Ahluwalia - Dated:- 19-12-2015 Last Replied Date:- 21-12-2015 - My mother and my maternal grandfather (Nana Ji) had few joint accounts and Fix deposits(FD) in past. But after his death on 15th July 2015, all the money and FDs (around 19.85 lakhs) got reassigned to my mother. Moreover, in his bequest (vasiyat) he gave his patrimonial house and all money/ property etc to my mother as she was only who is taking care of him from last 30 years.1: As my mother is full .....

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ar Apr 14- Mar 15 and also for the next year - Reply By Ganeshan Kalyani - The Reply = I understand from the query, that mother will earn interest on the money in the account and on FDs. Therefore she will have to file IT returns provided interest amount goes beyond taxable limit. Further to clarify the amount of ₹ 20 lakhs received by your mother from your sister who is abroad would not attract tax. Also, purchasing house property will not attract any tax. This is my view. I expect other .....

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