Tax on husband's gpf and gratuity after death
yogendra prakash sharma
(Querist) 11 January 2014
This query is : Resolved
मेरी माँ के saving bank account में 1600000 रूपये थे। जो कि उन्हें मेरे पापा की मृत्यु के बाद पापा के gpf और gratuity के कारण मिले थे ।चँकि जिस खाते में ये पैसे थे वह खाता एकल था इसलिये उन्होंने दूसरी बैक में अने बेटे और बहू के साथ नया खाता खोलकर अपनी बेरोजगार बहू का pan card लगाकर पूरे रूपये (सोलह लाख ) transfer कर दिये । मैं यह जानना चाहता हूँ कि इस process में किसी पर income tax तो नहीं लगेगा और यदि लगेगा तो किस पर और कितना ? gpf और gratuity का पूरा पैसा इसी सत्र में आया है ।
ajay sethi
(Expert) 11 January 2014
aap apne CA se consult karen .
Kumar Doab
(Expert) 11 January 2014
>> Gratuity:
Exemption u/s sec.10 (10) of IT Act:
Any death cum retirement gratuity received by Central and State Govt. employees, Defense employees and employees in Local authority shall be exempt.
Gratuity payment to a widow or other legal heirs of any employee who dies in active service shall be exempt from income tax subject to provisions mentioned Circular No. 573 dated 21.08.90 of the IT act 1961
.
Read:
TDS ON SALARIES,
INCOME TAX DEPARTMENT
Directorate of Income Tax (PR, PP & OL) ,6th Floor, Mayur Bhawan, Connaught Circus
New Delhi-110001
http://www.incometaxindiapr.gov.in/incometaxindiacr/contents/tpi/TDS%20on%20Salaries.pdf
>> GPF: Not Taxable.
However as rightly advised by Mr. Sethi
aap apne CA se bhee consult karen .
Anirudh
(Expert) 11 January 2014
The amounts are not taxable.
Transferring the amount from one account to another account of the same person (even if it includes others like son / daughter-in-law) is not 'income' and therefore not taxable.
