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how to take.
if my mom gives in blank paper a will that 70 lacks of my investments it matures then pay to my son aftr death,so that 1.what to do to take that 70 lacks from mom nsc account to my account 2.when if comes to my account is that tottally tax free?
Replies (4)
1. Register nominee (mom to apply nominee) for NSC account .
2. Yes. But if matured before her death, she will get the amount.
so if 70 lacks comes into my account after her death also i am nominee than is 1. tax free to me to my account and 2. how i can take that amount should i have joint account to deposit that amount cheque or i can directly transfer to my account with that postoffice cheque ????
1. Yes. Tax exempt; but interest taxable.
2. During the tenure of the investment (5 years for NSC viii issue & 10 years for NSC ix issue), if any untoward incident happens, you will have to inform the issuing office, so that final cheque will be issued in favor of nominee.
q1.my question was intrest already been paid and deduction done in mom account then when maturity comes with 70 lacks then total 70 lacks to my account is not taxable ?? and for q2. joint account then fine or is it joint account with mom compulsory?
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