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How is fixed deposit amount taxed to the beneficiary?

TDS / TCS 270 views 6 replies

My grandmother had created Fixed Deposite in bank with her name as First Name and my mother's name as Second Name.

Gandmother expired in 2015/12. FD matured in 2017/07. Maturity amount is ~500000. My mother received all the money. Bank had deducted TDS.

Do my mother need to show this amount in her IT Returns? Can we get back the TDS amount?

Replies (6)
yes u have to show it in your return and claim tds.
TDS is deducted in the PAN of grandmother or mother?
Yes... You (mom) have to filr ITR and Show the TDS then claim refund...
Originally posted by : Vunu
My grandmother had created Fixed Deposite in bank with her name as First Name and my mother's name as Second Name.

Gandmother expired in 2015/12. FD matured in 2017/07. Maturity amount is ~500000. My mother received all the money. Bank had deducted TDS.

Do my mother need to show this amount in her IT Returns? Can we get back the TDS amount?

Dear 

 

the process is that, after passed away of your grandmother, your mother must declare this thing to Bank and Make your mother PAN as first holder. So that TDS could be deducted in your mother name.

 

IF you had done so, than file ITR of your mother and claim tds because this tds must have been reflecting in form 26 AS of your mother.

 

So first check, On which PAN Bank deposited the tds.

TDS has been deducted for GrandMother for all years.

However, being the second name on FD, my mother got all money as we showed Death Certificate of grandmother. 

Ok, in that case , In Income Tax your mother needs to get appointed as legal heir of your Grandmother. and file retunr of your grand mother considering all income taxable in your grand mothers name and get the refund of tds.   


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