Tax treatment for deceased assets

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Anand Bagaria (Querist)

11 June 2009 My mother died in Oct'2006. She did not have any PAN # / IT file. She did not leave any will & I am her only heir.

She has left some Fixed Deposit's with maturity value of 2.5 lacs approx., some already matured in 2008 & rest maturing in 2013.

I have a PAN card & am filing my return every year.

Please let me know how i should treat this money in my IT return.

If my income from salary & bank interest is 1.5 lacs p.a., how much tax will be payable by me & when (i.e., in which financial year)?

thanks,
Anand

Deepak Goel

Deepak Goel (Expert)

12 June 2009 First of all you have to submitted proof of your legal heir. Then they will trf FDR in your name.

Late CA Sampat Jain

Late CA Sampat Jain (Expert)

12 June 2009 It all depends on whether there is a will or not.

Assuming that there is no will, the assets will be equally divided among all the heirs. The nominee is any in the FDR etc will receive money on behalf of all the heirs. It will be taxed accordingly in the hands of the heirs.

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