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Mihir

Mihir Tanna  |945 Answers  |Ask -

Tax Expert - Answered on Aug 17, 2023

Mihir Ashok Tanna, who works with a well-known chartered accountancy firm in Mumbai, has more than 15 years of experience in direct taxation.
He handles various kinds of matters related to direct tax such as PAN/ TAN application; compliance including ITR, TDS return filing; issuance/ filing of statutory forms like Form 15CB, Form 61A, etc; application u/s 10(46); application for condonation of delay; application for lower/ nil TDS certificate; transfer pricing and study report; advisory/ opinion on direct tax matters; handling various income-tax notices; compounding application on show cause for TDS default; verification of books for TDS/ TCS/ equalisation levy compliance; application for pending income-tax demand and refund; charitable trust taxation and compliance; income-tax scrutiny and CIT(A) for all types of taxpayers including individuals, firms, LLPs, corporates, trusts, non-resident individuals and companies.
He regularly represents clients before the income tax authorities including the commissioner of income tax (appeal).... more
Asked by Anonymous - Jul 18, 2023Hindi
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hello Sir, My father died on 20th May 2022. As per rules getting death certificate took around 30 day and then started applying for closing his bank account ,fds etc. which took some time. As per AIS form (from income tax department) he has received interest in say month of july or august 2022 as closer took time. I will be filing income tax return for the last time as deceased heir. The interest which he has receive after 20th may 2022 will be considered as part of his income or i have to show as my income. Moreover he had LIC policy which was closed in dec 2022 the closer amount ( principal and interest) was credited to my account. The interest from LIC will be part of his income or my income as this is not reported in AIS form. Your early reply will be highly appreciated.

Ans: Interest income earned upto the date of death will form part of deceased income. Interest income earned from date of death till maturity/amount transferred to legal hair; will form part of legal executor (separate PAN).

Thus, in your case, The interest which he has receive after 20th may 2022 will be considered as part of his income. The interest from LIC will be part of your income.
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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