Fd and cash in bank inherited from dead fathers savings acvount

In India, however, the concept of levying tax on inheritance does not exist now. In fact, the Inheritance or Estate Tax was abolished with effect from 1985. It is not income as well

Many a time, the inherited property is a source of income – rent, interest etc. – to the owner. When the heir becomes the owner, the income goes to him. So, the new owner must declare this income and pay taxes accordingly.

so

Dr. FD

Dr. Cash

Cr. Gift 

and interest is taxable on FD but there is no gift tax levied