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Hemendra Vyas   07 July 2021

Tax liability on FD amount received as inheritance


My father had one FD in which I was nominee. 

He did that FD in FY 2020 and passed away in Jan 2021. Maturity of that FD is in Oct 2021.

Do I need to pay tax on interest received?


 3 Replies


Nihit (Accounts executive)     07 July 2021

No fd interest income can be claimed deduction under 80c

VISVANATH V   07 July 2021

Nope,  its absolutely tax free. There is no need to report it

1 Like
Krishna Chaudhary

Krishna Chaudhary (Accountant)     07 July 2021

FD received will exempted but the interest on it will be taxable under IOS. You have to show such interest in ur ITR and pay tax on it.
2 Like

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