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Mihir Tanna |945 Answers |Ask -Follow

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

Money

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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Hardik Parikh | Answer |Ask -Follow

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Asked by Anonymous - Jul 21, 2023Hindi

Money

Hello Sir, 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.

Hardik Parikh | Answer |Ask -Follow

Tax, Mutual Fund Expert - Answered on Jul 26, 2023

Asked by Anonymous - Jul 26, 2023Hindi

Money

Hello Hardik Sir, , Once again thanks for your prompt reply. I had contacted a CA but unfortunately I could not get the proper advice or clarity i wanted. so I want to understand if following solution can also be considered . We file the return of deceased as per the 26AS so that there is no problem in getting TDS refund as the total income of deceased is less than the taxable limit. But while filling my return I include all interest earned after the date of death of deceased in my income and clearly mentioning this with proper remarks under heading "income from other sources" in my ITR .

Ans: Hello,

I understand your concern and it's great that you're thinking about this in detail. Based on the information available, any income earned after the date of death from the assets inherited from the deceased is taxable in the hands of the legal heir.

So, if you're the legal heir, you should include this income inherited from the deceased in your own income while filing your own income tax return. This is in line with your proposed solution of including all interest earned after the date of death of the deceased in your income and mentioning it under the heading "income from other sources" in your ITR.

However, it's always a good idea to consult with a tax advisor or a chartered accountant to understand the specific implications based on your individual circumstances.

I hope this helps!

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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.

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