My father died on 20th may 2022. It took some time to close all his Pension ,FD, SCSS ,LIC ,mutual fund policies. In his 26AS form it shows entries for Pension , FD Mutul Fund and SCSS along with TDS deducted. Is it possible that I fill the return of my father as it so that i can claim the TDS as his income is non taxable and show all interest earned after 20th May and interest given during closer of FD, SCSS and LIC policy in my return and pay the tax.
Ans: I'm sorry for your loss. Dealing with financial matters after the passing of a loved one can be challenging. Here's a simplified explanation of how you can handle this situation:
1. Filing Tax Return for Your Father: As per the Income Tax Act in India, the legal heir is responsible for filing the income tax return on behalf of the deceased person. This return should include the income earned by your father until the date of his death, which includes the Pension, FD, SCSS, and Mutual Fund incomes. If the total income is below the taxable limit, you can claim a refund for the TDS deducted.
2. Interest Earned After Death: The interest earned after your father's death on his investments (like FD, SCSS, and LIC) is considered your income. You should include this in your income tax return and pay the necessary tax.
Remember, to file your father's return, you need to register yourself as a 'Legal Heir' on the Income Tax website.