FD of My Deceased Grandfather have my name in nominee

Condolences for your loss. Taxation of Nominee Receipts: 1. *Nominee vs. Legal Heir*: As a nominee, you're merely a trustee holding the assets on behalf of the legal heirs. Tax implications depend on your relationship with the deceased. 2. *Tax-Free Receipts*: Amounts received as a nominee are generally tax-free in your hands, as they're not considered income. Grandson as Nominee: 1. *No Tax Liability*: As a grandson and nominee, you typically won't have tax liability on the received amount. 2. *Reporting in ITR*: You may not need to report this receipt in your Income Tax Return (ITR), but it's essential to maintain records. Important Considerations: 1. *Legal Heirs*: Ensure you distribute the assets according to the will or the Hindu Succession Act (if applicable). 2. *Tax Implications for Legal Heirs*: The legal heirs may have tax implications when they receive their share of the assets. Recommendation: 1. *Consult a Tax Professional*: To ensure compliance and accuracy, consider consulting a tax professional or chartered accountant. 2. *Maintain Records*: Keep records of the receipt, distribution, and related documents for future reference.