Death without will case interest income liability tonominate

This query is : Resolved

chetan (Querist)
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24 January 2018 THE "A" ASSESSESS IS HAVING RS.50LACK FD

IN HIS PERSONAL NOMINATION IN THE NAME OF DEPOSIT GIVEN TO HIS WIFE "B"

THE ASSESSEE "A" EXPIRED WITHOUT MAKING ANY WILL. THE ASSESSEE INTEREST RECEIVED RS.6 LAC PER ANNUAL

1) THE "A" SELF
THE "B" WIFE OF THE "A"
THE "C" SON OF THE "A"
THE "D" SON OF THE "A"

WHAT IS THE INTEREST TAX LIABILITY ??

RAJA P M

RAJA P M (Expert)
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25 January 2018 Without any will then it will treat to B... Bcoz, She is a nominee...

Z (Expert)
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25 January 2018 @RAJA PM Sir,
I think that in this case merely the estate is being devolved to the nominee. The income has accrued to A. The legal heir of A (which may, or may not, be the nominee) should file the return and pay the taxes on the income of A.

S.56(2)(x) is not applicable to money or property received under a will or by way of inheritance.

Therefore, it should be treated as a capital receipt in the hands of B, which may be shown under schedule EI [Exempted income] while filing the return.

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