FD in the name of my mother was liquidate and by mistake transferred to my account. I am in 30 percent tax slab. do I have to pay tax on entire amount liquidated or something can be done to save tax. Need assistance thank you
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Quick Summary
A user's mother's fixed deposit (FD) was mistakenly liquidated and transferred into their personal account, where they fall into the 30% tax bracket. They are seeking advice on whether the entire liquidated amount is taxable or if there are ways to mitigate the tax liability. The key point is that tax is typically only applied to the interest earned on the FD, not the original principal amount.