Interest income of expired person
Querist : Anonymous
My mother has expired a few months ago. She had some bank fixed-deposits which will mature in the coming 2-3 years. I am the joint holder in these deposits. Please clarify the following :
1) Can I continue the deposits till maturity ?
2) If yes, can I file Income-Tax Returns of my mother as a legal heir, and claim refund of TDS deduced from the interest of the fixed-deposits ?
3) Can I add interest income of above deposits to my income, show it in my Return and pay tax according to my income slab ?
Thanks
2 yes. Show interest till date of death.
3 yes.
Querist : Anonymous
Thanks for your reply.
1) While filing my mother's Income-Tax Return for next financial year, should I show my mother's interest income as zero (she has expired in this financial year) ?
2) How to do this when banks are reporting interest income on my mother's name in form 26AS ?
Thanks
2 With legal heir certificate ask banker to change your name in 26AS.
Querist : Anonymous
Banks are not ready to delete my mother's name from the fixed-deposits. They are telling me to do one of the following :
a) close mother's deposits and make new deposits on my name, which I don't want to do as mother's deposits are at a high interest rate.
b) allow my mother's deposits to continue till maturity. But if mother's deposits are continued, the banks will report interest income on mother's name and also deduct TDS on mother's name.
So what is the legal way to continue the deposits on my mother's name and also get refund of TDS deducted on mother's name ?
Please guide me.
Thanks
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