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Interest earned by Deceased until transfer to jointholder/nominee

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Sanjit

not applicable

94 Points Posted on 08 July 2024

Good day to all

My Dad expired in Aug 2023 . Some of his Fds were transferred to his wife (my mom) in say November and others in Jan 2024.

I need to understand the following

Is the interest earned until date of transfer taxable to my deceased dad and interest erned after that added to the income of my Mom? bank (

The Form 26A and AIS show entries in my Dad's name but one of the banks (Indian bank) has shown all interest earned by my dad prior to transfer under my Mom's income earned statement

What is the correct way of handling this?

Is the bank wrong?

Replies (1)

Yes, the interest earned until the date of transfer taxable to your deceased dad and interest erned after that added to the income of your Mom

For form 26A issue, you can add the details in TDS details that how much income relates to spouse and will be taxable in his income.

CA Aakarsh Jain
ca.ajaakarshjain16 @ gmail.com