Hi,
My father had a PPF account for over 15 years, after his death the account was closed and the entire amount in the account was transferred to the nominee (in this case my mother).
Similarly, he also had a Monthly Income Scheme with the Post Office, which was closed and the amount was transferred to my mother.
Now I want to know if both the amounts will be considered taxable and will be included in my mother's tax returns.
Thank You.
CAclubindia
