| Originally posted by : monu singh |
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MY GRANDFATHER IS DIED ON 15.4.2012 . SOME LUM SUM AMOUNT OF MONEY IS TRANSFERED TO MY FATHER AND MOTHER JOINT SAVING ACCOUNT (PAN OF MY MOHTER IS SUBMITED IN BANK) NOW THAT LUM SUM AMOUNT OF MONEY IS GET TRANSFER TO FIXED DEPOSIT IN NAME OF MY MOTHER.TDS IS DEDUCTED BY BANK IS 10% IN NAME OF MY MOTHER .NOW QUESTION IS THIS MY FATHER BELONG TO 30% SLAB INCOME GROUP THIS INCOME OF MY MOTHER IS CLUBBED IN FATHER INCOME OR NOT ,AND WHY ?
QUESTION 2 - IF MY FATHER NOT PAID INCOME TAX ON THIS INCOME AND MY FATHER WANT TO PAY INCOME TAX ON THIS INCOME NOW THEN HOW HE PAY TAX ON THIS INCOME?
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Let's make it simple for you.
your Parents inherited money from your Grandfather (say 1 lakh ) that was deposited in joint savings account of your parents. so legally half the amount belonged to your mother ( 50k ) and other half belonged to your father ( 50k ).
now FD is made for 1 lakh in name of your Mother. so indirectly your father has trasferred his 50k to your mother withought adequate consideration. section 64(1)(iv) says income arising to spouse( ur mother) from asset ( 50k of your father ) transferred to spouse withought adequate consideration shall be clubbed in income of your father.
so half the interest should be clubbed in income of your father.
BUT WAIT..
If your father has never shown interest income from this particular account as his interest income in past returns then u should take the simple way SEE BELOW. Moreover PAN of your mother is used.
had it been my case. I would have taken full interest income as my mother's income and used slab benifit and claim TDS refund just by saying that my mother inherited the full 1 lakh amount and full amount was deposited in that account by her.
If the amount is too high then u can follow the legal way. but if the interest amount is less then u can consider the simple way out with a nominal risk involved.
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