Does my mother need to file tax return, my father passed away 3 years ago?

We have invested amount received after my father’s death in mutual funds, co-op bank fds and stock market. Do i need to file tax return on a yearly basis. The amount we have invested is proceeds received out of gratuity, provident fund, personal provident fund and national saving scheme. Please advice.

3 Replies to “Does my mother need to file tax return, my father passed away 3 years ago?”

  1. If your mother’s taxable income exceeds the threshold limit for female assessees which is Rs. 1.90 lakhs or if your mother is a senior citizen and her income exceeds Rs. 2.40 lakhs before claiming deduction under chapter VIA of Income Tax Act (Section 80C, 80D, etc) then she has to file her tax returns.

    Taxable income is interest on FD of Co-op Banks. Dividend from shares of domestic companies and mutual funds is exempt income.
    However capital gains may be applicable in case of sale or redemption of shares and mutual fund units.

  2. Amount of gratuity, Provident Fund etc are not taxable on it s receipt.But income from investment of these amount is subject to tax if it is above taxable limit.If income is taxable,then return has to be filed on yearly basis.Taxable income s limit is based on age (65) also.

  3. First you have to decide as to who is the owner after your father. A probate is required, if a will is not there.
    Accordingly , for income from all your sources, males Rs. 160,000 and females Rs. 190,000 is the basic exemption limit. If your income exceeds the above then you will have to file IT returns for that period ( year ) .

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