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Fd and interest received by nominee on death
Dear Experts ? One of our clients has
received FD and interest on death of his
father ? Is FD and interest taxable in the
hands of our client ?
Replies (6)
Interest or FD or any other thing received consequent to death does not partakes the nature of income in hands of recepient, its estate devolving to them
no, it wont be taxable. any part of estate recvd on death of a person is not considered income in hands of receiver.
Above FD & Interest shall be taxable in the hands of Son.
Had he received the FD / Interest in contemplation of WILL of his father, the same should have been exempt.
I would like to take back the above reply.
FD and interest on FD shall be exempt in the hands of son.
Int on Fd shall be taxable in the hands of father only.
Not taxable in the hands of the son.
This contemplation at will ... as per other source income amount received after dealth to son or any other that income is exempted ..this is said as a gift.....also received from relative,education society,charitable society etc.
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