Shree (Analyst) (36 Points)
03 September 2015Can TDS deducted by banks on FD interest be claimed after death of assesse as the income of the deceased is less than the taxable limit?
Can the TDS refund be claimed every year until the FDs mature? Some of them are due in 2021.
The FDs are in the name of the deceased and interest is being credited to her SB account after deduction of TDS.
CA PARTH SHAH
(In Practice)
(1951 Points)
Replied 05 September 2015
After the death, the FD must be transferred to the legal heir. So on submitting the death certificate of the deceased Assesee, bank will transfer the FD in the name of Legal heir and accordingly update the PAN of Legal Heir in the system. Accordingly legal heir can claim the TDS deducted on Interest on deposit.
Miss Rinkal
(Student)
(1304 Points)
Replied 07 September 2015
No Bank FD are non transferable. In that case, legal heir needs to update the records in the IT return filing website and file the returns by claiming TDs refund in the name of the deceased
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