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Anil Rego |388 Answers |Ask -Follow

Financial Planner - Answered on Dec 21, 2020

Anil Rego is the founder of Right Horizons, a financial and wealth management firm. He has 20 years of experience in the field of personal finance.
He’s an expert in income tax and wealth management.
He has completed his CFA/MBA from the ICFAI Business School.... more

Question by Balla on Dec 21, 2020Hindi

Money

I am retired from private services.

I lost my wife on 23 Dec'2019. She files IT Returns and for the AY 2020-21 I filed her returns as representative. I too file IT Returns every year. I have not yet filed my returns for the AY 2020-21 since I have a query on the amount of bank and post office fixed deposits, LIC's PMVVY and two MFs of my wife.

As a nominee I received an amount of Rs 73,99,082 for all the fixed deposits of banks and post office, LIC PMVVY of my wife. The two Mutual Funds of Rs 33,31,316 of my wife also transferred on my name.

My queries are:

1. Do I have to show the above in my Tax Return?

2. If I show it, is it taxable?

3. Which ITR form should I use to file the returns for AY 2020-21?

I will be highly grateful for your help and guidance on this sir.

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.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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I am a retired govt. servant and get pension. Also I get Interest from Deposits, Saving and Acc. Int. I show this income in my Income Tax returns filed in Form ITR-1 SAHAJ. During the current Financial Year I have received the maturity amount of my PPF maintained in the Post Office. Out of the amount received I have a certain amount given as a gift to my spouse. She has invested the said amount received by her from me as a gift in the SCSS A/C and gets interest on that amount. I want to know whether the amount she receives as interest from the amount given by me is to be included in my income and to be shown in the Income Tax Return. If so, at what place i.e. in which column? I have to show the income so included as I do not see such places or column. In which I have to indicate this amount Sr. No. B3 Income from Other Sources along with the Interest received by me from Deposit etc. Since the amount of interest received by my spouse is included in my Income, Whether the said amount is also to be shown in her Income Tax Return or otherwise? As if it is to be shown in her return also then there will be duplication. This clarification is sought as I file my return myself and since the notice I or my wife may not get. I hope you will kindly guide me in this regard and oblige us. Thank you in advance.

Ans: If taxpayer directly or indirectly transfers an asset to spouse for inadequate consideration than Income from such asset is clubbed in the hands of the transferor. Transferor (taxpayer) should show such income in Schedule SPI of Income Tax Return filed by such tax payer in whose hands income is clubbed. No need to show said income in the income tax return of spouse.

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Hello Sir. I have income from salary , bank interest and fixed deposits. My father had invested in mutual funds. two months back my father passed away. I have got transmitted the mutual funds in my name. Some mutual funds are with reinvested option and some have payout option. Please let me know should i file ITR1 or ITR2. In future if I go remittance of mutual funds than which ITR i need to file. Thanking you in advance.

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Tejas ji, I am a teacher by profession. Last FY, I opted for the old tax scheme and using all available options brought my taxable income to just under 5 lakhs. So no TDS was deducted by my employer. However, in March 2023, I withdrew Rs. 65000 from my tax saver mutual fund due to urgent needs. Can you please tell me if there is any tax due coz of this withdrawl? Which ITR form do I need to file this year?

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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.

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After the start of the work from home culture, taking care to present yourself well digitally has become very important.

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I am doing great, thank you for asking, God bless you!

I can totally understand when you say you are worried.

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The problem as I see it is that everyone of you, his teachers included have made studies like a burden for him.... and subjected the young child to a lot of anxiety, he just wants to run away form it....
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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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