Tds on interest income of deceased account

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

13 March 2012 My father was having Fixed Deposits in Bank. He died. After his death the Maturity Amount (Principal + Interest) is being paid to me as per Nomination. Now Bank is deducting TDS on Interest. My quarry is:-
1. Can Bank Deduct TDS on Interest earned and being paid to me?
2. If TDS is deducted than TDS Certificate should be in whose name i.e. my father or me?
3. My Gross Income including from my all sources Plus Interest Income from Father’s Fixed Deposits will be below the Taxable limit. In the circumstances can I submit Form 15G for not deducting TDS on Interest Income?

Rajnikant Vadigoppula

Rajnikant Vadigoppula (Expert)
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13 March 2012 1. yes bank can deduct TDS.

2. TDS certificate is to issued in u r father's name.

3.u r not eligible to submit form 15G and after deduction of TDS u need to submit ITR of u r father as representative and can claim the Refund of Tax if u r father doesn't have any other income.

Querist : Anonymous

Querist : Anonymous (Querist)

13 March 2012 Sir, Thank you very much for prompt reply. Further please let me know that--

4. Can I submit 15G on behalf of my deceased father for non TDS?

Querist : Anonymous

Querist : Anonymous (Querist)

13 March 2012 Sir, Thank you very much for prompt reply. Further please let me know that--

4. Can I submit 15G on behalf of my deceased father for non TDS?

Rajnikant Vadigoppula

Rajnikant Vadigoppula (Expert)
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17 March 2012 no u r not eligible to submit form 15G on u r father's behalf.

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