Interest Earned on 5 Yr term deposit of Deceased

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226 Points Posted on 02 April 2023
If Interest is earned on a 5-year term deposit, which is in the name of the deceased,
Will that interest be included in income of legal heir ?
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On 02 April 2023 at 20:35 Report
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Quick Summary
This discussion clarifies the taxability of interest earned on a term deposit held by a deceased individual. Only interest accrued or earned after the date of death is considered income for the legal heirs. This income is then subject to tax regulations, including potential deductions under Sections 80TTA and 80TTB, depending on the heir's circumstances.

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SEO Sai Gr. Hosp.
212455 Points Posted on 03 April 2023

Only interest earned/accrued after death of the person is taxable in hands of heirs.

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On 03 April 2023 at 08:43
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Profession Business
28246 Points Posted on 11 April 2023
Interest is taxable subject to provisions of Sec 80TTA AND 80TTB AS THE CASE MAY BE IN CASE OF THE NATURE OF ASSESSE.
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On 11 April 2023 at 08:20
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Chartered Accountants
2015 Points Posted on 11 April 2023
Originally posted by : Dhirajlal Rambhia
Only interest earned/accrued after death of the person is taxable in hands of heirs.

Perfect 

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On 11 April 2023 at 14:07
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SEO Sai Gr. Hosp.
212455 Points Posted on 11 April 2023

Thanks.                                          

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On 11 April 2023 at 15:23

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