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Joint FDs and Savings Account: Managing Inheritance Without Tax Burden

Vivek Lala |305 Answers |Ask -Follow

Tax, MF Expert - Answered on Nov 04, 2024

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 - 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

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.

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My father had invested in fixed deposits and i was the nominee. after his death the FDs were closed . The FD principal amount along with interest was credited to my saving account. I still need to file income tax return of my father. i want to know that the interest of FDs will be considered as part of my father income or i have to add them to my income and pay the taxes.

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Interest income earned from date of death till maturity will form part of legal executor (separate PAN)

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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?

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