Home > Money > Question

Sign In | Create an account

Language:

Now in हिन्दी too

Need Expert Advice?Our Gurus Can Help

Vivek Lala |324 Answers |Ask -Follow

Tax, MF Expert - Answered on Aug 19, 2023

Vivek Lala has been working as a tax planner since 2018. His expertise lies in making personalised tax budgets and tax forecasts for individuals. As a tax advisor, he takes pride in simplifying tax complications for his clients using simple, easy-to-understand language.
Lala cleared his chartered accountancy exam in 2018 and completed his articleship with Chaturvedi and Shah. ... more

Asked by Anonymous - Jul 27, 2023Hindi

Money

Hi Sir, My father expired this year, his nominee is my mother Chitra Samant, needed to now that we will close all accounts including fd's, PFF's and other investments of his and transfer amount to my mothers account. will the amount transfered be taxable to my mother?

Ans: Hello, the amount will not be taxable

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

MoneyReply

You may like to see similar questions and answers below

Anil Rego | Answer |Ask -Follow

Financial Planner - Answered on Dec 17, 2020

Question by Nitish - Dec 17, 2020Hindi

Money

My father expired in April, 2020. He has made me nominee in a TDR worth Rs 8 Lakhs. Will there be tax implication in the same? I am in a PSU and regularly filing my returns. Can you suggest how to reduce or avoid tax implication, if there is any?

Ans: If a person dies, the legal representative has to file tax returns on behalf of the deceased to report the income earned by the deceased until the date of his death, and taxes deducted thereon.

Legal heir has to register himself at the income tax website for filing the return on behalf of decease.

Any income earned after the date of death from the assets inherited from the deceased is taxable in the hands of the legal heir. Legal heir should include this income inherited from the deceased in his own income while filing own income tax return.

One cannot avoid the additional income being added to your regular income, but one can look to make maximum use of various deductions that are available tax saving investments under Section 80C, medical insurance under Section 80D for self and parents, NPS under Section 80CCD, donations under Section 80G, etc.

Hardik Parikh | Answer |Ask -Follow

Tax, Mutual Fund Expert - Answered on Apr 19, 2023

Question by AMIT - Apr 12, 2023Hindi

Money

Sir, My father deceased in December, 2022 and as a nominee I have received an amount of Rs.20 lakhs from his PPF account and Rs.7.90 lakhs from his FD in the bank. I want to transfer this amount to my Mother's account. She is retired Govt. officer and filing IT returns for her income every year. Sir, can I transfer whole amount of Rs.20 lakhs and Rs.7.90 through RTGS to my mother's account. I want to know that in future will there be any query/AIR from IT deptt. from me or from my mother relating to the transaction done by me. My father was Govt. retiree and Income Tax payee and had filed all IT returns upto FY 2021-22. Sir please guide in this regard so that there is no issue being raised by IT deptt for transfer of amount from my account to my Mother's account. I am also a Govt. Employee. Kindly give your valued advise.

Ans: Dear Amit,

You can absolutely transfer the entire amount of Rs. 20 lakhs from your father's PPF account and Rs. 7.90 lakhs from his FD to your mother's account through RTGS. Since your father was a regular Income Tax payer and had filed all his IT returns up to FY 2021-22, there should be no issues related to the legitimacy of the funds being transferred.

However, to ensure a hassle-free experience with the Income Tax Department in the future, I recommend taking the following steps:

Keep a record of the source of the funds, i.e., the PPF account and FD account details, as well as any supporting documents like your father's death certificate, nominee declaration, and bank statements.
When your mother files her Income Tax return for the relevant financial year, make sure to disclose these amounts as gifts received from you, her son, as gifts received from relatives are exempt from tax. You can provide the details of the source of funds and the reason for the transfer (i.e., inheritance) in the notes section of her return, if applicable.
If your mother earns any interest or income from these amounts, she should include that in her taxable income and pay the applicable taxes.
It would be helpful to consult a tax professional to ensure that all the necessary documentation and disclosures are made properly in both your and your mother's tax returns.
By following these steps, you should be able to avoid any queries or issues from the Income Tax Department regarding the transfer of funds from your account to your mother's account.

I hope this helps.

Take care.

Mihir Tanna |1105 Answers |Ask -Follow

Tax Expert - Answered on Nov 27, 2023

Asked by Anonymous - Aug 18, 2023Hindi

Money

Mahesh sir good morning, My father expired in the month of march 2023, he had around 24 Lac rs as FD now the same amount is transferred to my ac, is that amount tax liable or is there any other way of investment to save tax on 24 lac.

Ans: Amount received under will/as legal hair is not an income, which is taxable under the Income tax. However, interest on said FD will be taxable.

Mihir Tanna |1105 Answers |Ask -Follow

Tax Expert - Answered on Feb 17, 2024

Asked by Anonymous - Nov 26, 2023Hindi

Money

Dear Sir / Madam, My father (84 year old) wants to transfer some money to my account. I am 52 year old. I am in 30% tax slab. How much tax this money will attract? Also please guide whether it is correct to make FD in his name and get more interest? He has declared me as nominee for his bank account. How much tax I will need to pay on the money that I will receive when he will not be there? What does law says?

Ans: As per Income tax provisions, if father transfer funds to son as gift; it will not be treated as Income and it is advisable to execute gift deed for the same. Further, for creation of FD in the name of father, payment is required to be done from bank account of father.

With reference to amount received as legal hair, son is required to pay tax on Interest income accrued after the date of death.

Vivek Lala |324 Answers |Ask -Follow

Tax, MF Expert - Answered on Nov 04, 2024

Asked by Anonymous - Oct 25, 2024Hindi

Money

Hi My father have a savings account and a few FDs. He passed away a month ago. I am a joint account holder. I want to transfer all the amount to my mothers account in the same bank of which again i am a joint account holder. The issue is after my fathers death i will be made the primary account holder of the account. Once i preclose all the fds then the interest will be shown as income to me. Though i transfer all the amount to my mother, how to avoid tax on the interest from FDs which is now in my name?

Ans: Hello, the tax has to be paid by you. If not then you can file the ITR for your late father and show the income in his account and pay the taxes as applicable

Latest Questions

Radheshyam Zanwar |6909 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Apr 14, 2026

Asked by Anonymous - Apr 13, 2026Hindi

Career

I may get NIT Jalandhar ECE&VLSI, NIT Hamirpur ECE, NIT Jamshedpur EE & VNIT EE. What to consider if I want decent package

Ans: Prefer ECE+VLSI for your dream package.

Good luck.
Follow me if you receive this reply.
Radheshyam

Mihir Tanna |1105 Answers |Ask -Follow

Tax Expert - Answered on Apr 14, 2026

Asked by Anonymous - Apr 11, 2026Hindi

Money

Hello Mihir, I had transferred my flat (owned by me and my spouse) as gift to my daughter when she was 17yo. This was done by a lawyer with payment of relevant stamp duty/taxes to registration office. I have below queries: 1) Do I need to take up any other documentation once she turns 18? 2) can I sell the flat, will there be any implications? 3) Do I or my daughter need to pay LTCG after the sale and if yes how much %? The flat was purchased in 2008 at 33 Lakhs and the ongoing rate is around 1.2Cr. I plan to purchase another residential property in India as well as overseas after the sale materializes

Ans: For income tax purpose, gift deed and registration of property in the name of daughter would be sufficient.

When your daughter sell that flat she need to pay LTCG if gain amount (1.2cr minus 33 lacs) is not invested in the new property is not purchased within 2 years or not constructed new property within 3 years of sell of flat.

Property purchased outside India will not be considered for LTCG exemption purpose.

Mayank Chandel |2667 Answers |Ask -Follow

IIT-JEE, NEET-UG, SAT, CLAT, CA, CS Exam Expert - Answered on Apr 14, 2026

Question by Linyu - Apr 13, 2026Hindi

Career

Sir the discrepancy is , in my aadhaar card my name starts with Miss but in neet confirmation page it is just my name without Miss . Will this stop my from writing exam

Ans: Hello Linyu
It won't affect & stop you from writing the exam. Don't worry.

Nayagam P P |10988 Answers |Ask -Follow

Career Counsellor - Answered on Apr 14, 2026

Question by Gaurav - Apr 13, 2026Hindi

Career

I am getting 80 marks in jee mains on 5th second shift, how much percentile

Ans: Gaurav, Around 89–91 percentile, depending on shift difficulty and normalization. ALL the BEST for Your Prosperous Future!

Follow RediffGURUS to Know More on 'Careers | Money | Health | Relationships'.

Radheshyam Zanwar |6909 Answers |Ask -Follow

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Apr 13, 2026

Question by Ritesh - Apr 12, 2026Hindi

Career

Hello sir maine cuet ka form bhara hai jo maine marksheet ke hisab se bhara hai per mere adhaar me dikkat hai kyu ki adhaar me naam mera Ritesh Kumar karn hai or marksheet me Ritesh Kumar karna hai toh mujhe dar lag raha hai ki kehe mujhe exam centre per dikkat na de ye chiz. Kaya mai apni 10th ki marksheet dekha sakta hu kyu ki mere adhaar me dikkat hai only for name verification or mere photi me bhi dikkat hai bachpan ki photo hai per maine photo verification certificate bhar deya hai

Ans: Please show your 10th marksheet at the exam centre for name verification. Since you have filled out the photo verification certificate, it usually won’t be a problem; carry your Aadhaar, marksheet, and the certificate together. But try to match the names' details officially as soon as the exam is over to avoid any problems in the future. (You can take the legal help)

Good luck.
Follow me if you receive this reply.
Radheshyam

Nayagam P P |10988 Answers |Ask -Follow

Career Counsellor - Answered on Apr 13, 2026

Question by V - Apr 12, 2026Hindi

Career

Sir My son has completed his B.Com Honours from SASTRA during the year 2025. He is interested in pursuing MA from Madras School of Economics in this year 2026. He is currently enrolled in the Executive course of Company Secretary from ICSI. I wanted to know whether pursuing the course in Madras School of Economics is worthwhile and also the likelihood of getting good placements after successful completion of the course. Please provide your advice and suggestions which would help me in taking a decision. Thanks and Regards V NARASIMHAN

Ans: Narasimhan Sir, according to today’s (13th April 2026) Times of India (Education Times) advertisement, Madras School of Economics offers multiple programmes such as a 5?year Integrated MA, MA programmes in five specialisations, MBA, MSc in Data Science, and even PhD. Now, regarding your son’s wish to pursue an MA and also keeping in mind that he is already pursuing the ICSI Executive Course, it is important to know whether he has decided which one of the five MA specialisations—Actuarial Economics, Applied Quantitative Finance, Environmental Economics, Financial Economics, or General Economics—he wants to choose and why. However, since he has already joined the ICSI Executive, it is advisable to go for the MA in Financial Economics, because its core courses and electives in financial markets, asset pricing, corporate finance, risk, and regulation directly complement the CS Executive papers on Corporate Accounting, Financial Management, Capital Markets, and Securities Laws. This combination is very helpful for careers in corporate finance, investment banking, and financial?compliance advisory, where both domain?specific economics knowledge and legal?compliance skills are highly valued. At the same time, your son must be sure and confident that he can comfortably manage the workload of both ICSI and the MA in Financial Economics. As far as placements are concerned, all five MA specialisations—General Economics, Financial Economics, Applied Quantitative Finance, Actuarial Economics, and Environmental Economics—have broadly similar placement outcomes, but Financial Economics and Applied Quantitative Finance usually lean more towards higher?paying jobs in finance and analytics, while Environmental Economics and General Economics often lead more towards policy, research, consulting, and data?heavy roles. It should also be noted that success in placements does not depend only on the specialisation, but also on the student’s skill upgradation, soft skills, a strong LinkedIn profile, and effective networking strategies. ALL the BEST for Your Son's Prosperous Future!

Follow RediffGURUS to Know More on 'Careers | Money | Health | Relationships'.

Vipul Bhavsar |141 Answers |Ask -Follow

Tax Expert - Answered on Apr 13, 2026

Question by R - Apr 08, 2026Hindi

Money

Dear Sir, Recently, in July 2025 I sold a residential property and got a LTCG of Rs.25 lakh. I propose to deposit this money in the Long Term Capital Gain Saving Scheme Account for a period of 2 years so that I get time to select and buy another residential property. Here, please clarify what happens or way out if I am not able to buy the new house before the specified 2 years. Thanls and regards.

Ans: In that case, you will be required to offer the entire capital gain and pay capital gains tax along with Interest.

Vipul J Bhavsar
Chartered Accountant
www.capitalca.in

Vipul Bhavsar |141 Answers |Ask -Follow

Tax Expert - Answered on Apr 13, 2026

Question by Rajesh - Apr 13, 2026Hindi

Money

Hello, My wife received her share of 15 lacs from sale of ancestral property in Aug-2025. She is planning to buy flat probably during Oct-Dec 2026. Do she require to pay capital gain tax while filing return in Jun2025? She do not know purchase price of ancestral property so how capital gain to be calculated in this case?

Ans: I assume you are asking the tax situation for FY 2025-26 for which return of income to be filed on or before 31 July 2026.
Government valuation as on 1 Apr 2001 needs to be taken, which shall be her cost of acquisition for her share. She can purchase new property within 2 years from Aug 2025 however, till then she needs to deposit the funds in Capital Gain scheme and she will not be required to pay Capital gains tax.
You need to consult CA since there are other things to be considered to arrive at the decision and tax event in your case.

Vipul J Bhavsar
Chartered Accountant
www.capitalca.in

Anu Krishna |1787 Answers |Ask -Follow

Relationships Expert, Mind Coach - Answered on Apr 13, 2026

Asked by Anonymous - Apr 05, 2026Hindi

Relationship

How can one married woman destroy another's life? My husband has been spending more time with his married office colleague whose children have grown up and live abroad. Since I am a homemaker, whenever they meet at our home or during public events when I am around, they talk in riddles that only they seem to understand and laugh about. It used to be annoying and I have also expressed to both of them about how I feel. But I am never taken seriously. They even hug each other so intimately that I feel like the third wheel in their relationship. My husband never appreciates me, he even refuses to acknowledge my feelings. He thinks I am some illiterate homemaker but I had a well paying job. I used to lead a team and I know I am not overreacting. I can tell when a colleague becomes more than a coworker. I can tell that they are having an affair from the way she holds my husband's arm. I am tired of confronting and I don't want to lose my sanity trying to defend my respect. I am just waiting for my daughter to complete her board exam so I can talk to her about this. Anu mam, I need your help. How can I seek divorce while still keeping my dignity?

Ans: Dear Anonymous,
You have two paths n front of you; either you move on or make your marriage work.
Both paths are not easy but the latter can help you rebuild your marriage. But if you feel strongly about moving on, do find a good lawyer who can help you with the legal proceedings.
To maintain your dignity, make sure that you clearly state what you want as a part of your separation and NO, there is no shame or backing out in this; your lawyer should be able to take care of this.
Also, divorce can take a huge toil on your emotional health; make no mistake about it especially since you are the aggrieved one in this case. And if your husband chooses to contest, the battle can turn ugly. Be prepared for these turn of events; keep your family and friends close as you will need to fall back on someone.

All the best!
Anu Krishna
Mind Coach|NLP Trainer|Author
Drop in: www.unfear.io
Reach me: Facebook: anukrish07/ AND LinkedIn: anukrishna-joyofserving/

Anu Krishna |1787 Answers |Ask -Follow

Relationships Expert, Mind Coach - Answered on Apr 13, 2026

Question by Satya - Apr 04, 2026Hindi

Relationship

Why health is not good bcoz of stress

Ans: Dear Satya,
Mind and Body are connected; so what happens to the body also affects the mind and vice-versa.
If stress is being allowed to take over, it simply means a person has allowed his/her mind to control them. Learning how to manage stress can help:
- do activities that keep one in the present moment
- doing at least 20 mins of what one loves everyday
- exercise and good sleep are a must
- check what people surround the person

A small tweak can go a long way in managing stress; one must just have the willingness to do that!

All the best!
Anu Krishna
Mind Coach|NLP Trainer|Author
Drop in: www.unfear.io
Reach me: Facebook: anukrish07/ AND LinkedIn: anukrishna-joyofserving/

See more questions »

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

Video Reply
Audio Reply

WhatsApp
Facebook
Twitter
Copy link

Delete

Close

Dear User, You have not registered yet. Please register by filling the fields below to get expert answers from our Gurus

Sign up

email

uname

mobile no

Country Code

Mobile number

By signing up, you agree to our
Terms & Conditions and Privacy Policy

Already have an account?

LOGIN

x