Filling ITR after death

In 2022 my grandfather died

 

But recently we got FD maturity with interest income in 2024 from bank after all process 

 

I want to file ITR 2 against the income of FD for my Grandfather 

So is it possible & viable ?

Will be there any issues in future if filed after death?

Any Experienced person please guide 

Replies (10)
Quick Summary
This discussion addresses the possibility and viability of filing an Income Tax Return (ITR) for a deceased grandfather, specifically for Fixed Deposit (FD) interest income and Long-Term Capital Gains (LTCG) from shares. The advice suggests that if the total income (including FD interest and LTCG) is below the taxable threshold, an ITR may not be mandatory, but a declaration might be required. It also touches upon the process of registering as a legal heir and the potential implications of filing after the individual's passing.

For information :

Total Income is below 5 lakh and he was super senior citizen 

Alos forgot to add , sold some shares which was left in demat account and have LTCG of approx 25,000 ₹ too with FD income of 30,000 ₹

If aggregate income is below 5 lakhs including interest + LTCG ... no need to file ITR.

DECLARATION IA NECESSARY.

BUSINESS SND PROFESSIONAL  INCOME NEED TO DISCLOSED IN ITR 2. 

Thank you sir ji for response 🙏🏻

But there is no professional or business income in my grandfather account 

Only STCG and FD as mentioned above so please clarify as I'm little confused now 

You are welcome....          

Steps to File ITR After Death

  • Register as Legal Heir
  • Documents Required
  • Approval from Income Tax Department
  • Filing the Return

https://www.expertmarketresearch.com

Regarding Schedule FA Table A2 and Table A3 disclosure: taxpayers holding foreign shares or RSUs must report lot-level peak and closing balances converted strictly using the State Bank of India (SBI) Telegraphic Transfer buying rate as of December 31 of the relevant calendar year. Non-disclosure attracts mandatory penalties under Section 43 of the Black Money Act, 2015. To eliminate manual spreadsheet calculations and generate compliance-ready summaries for Table A2 and Table A3 directly from broker CSV statements, you can search online for the ITRFA tool.

Income accruing after death is not the deceased's income: FD interest for the period after his death in 2022 and gains on shares sold by the heirs in 2024 are taxable in the hands of the legal heirs (or the estate while undistributed), so a return in the grandfather's name should cover only income up to the date of death.

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