Vunu (Developer) (135 Points)
28 February 2018My 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?
pankaj
(a)
(1262 Points)
Replied 28 February 2018
Sagar Mailapur
(172 Points)
Replied 28 February 2018
RAJA P M
("Do the Right Thing...!!!")
(127387 Points)
Replied 28 February 2018
Income Tax Wala: (Fin. Expert)
(Chartered Accountants)
(2015 Points)
Replied 28 February 2018
| Originally posted by : Vunu | ||
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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? |
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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.
Vunu
(Developer)
(135 Points)
Replied 28 February 2018
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.
Income Tax Wala: (Fin. Expert)
(Chartered Accountants)
(2015 Points)
Replied 28 February 2018
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.
CAclubindia
