Did I make a mistake not filing ITR in 2022 when I received 7 lakhs from my grandfather's post office account?

Ans: Since you have inherited the assets of your spouse as a legal heir, you need to pay tax on any income from the assets of your spouse after her demise. However, you don’t need to pay any tax on transfer of assets to your name, as there is no estate duty currently.

Only the interest/returns earned or the capital gains when you exit capital assets would have to be added in your return.

If your annual income is more than Rs.50 Lakhs, you need to disclose all the assets owned by you (incl. inherited assets) in the ITR.

Ans: Respected Sir,

you may file either ITR- 1 or ITR-2 depending on the complexity of the income. Yes, the lock in period of 3 years applies on ELSS schemes and if withdrawn before that it would attract taxability. Please look at the below a detailed note, which would be helpful to you. Withdrawal from Tax Saver Mutual Fund: If you made a withdrawal of Rs. 65,000 from your tax saver mutual fund, it's important to note that withdrawals from equity-linked saving schemes (ELSS) are subject to tax implications.

- ELSS investments have a lock-in period of three years. Withdrawals made before the completion of the lock-in period are considered as short-term capital gains.

ITR Form: Since you are a teacher by profession, your income is likely from salary and other sources. If you do not have any business income, you would typically file your income tax return using ITR-1 (Sahaj) or ITR-2, depending on the complexity of your income sources.

ITR-1 (Sahaj): For individuals having income from salary, one house property, other sources (like interest income), and total income up to Rs. 50 lakh.
ITR-2: For individuals and Hindu Undivided Families (HUFs) not eligible to file ITR-1 and having income from salary, house property, capital gains, and more than one house property, etc.

Ans: Hello, as per the data given , nothing seems to be taxable as its all below the taxable limit