Home > Money > Question

Sign In | Create an account

Language:

Now in हिन्दी too

Need Expert Advice?Our Gurus Can Help

Hardik Parikh | Answer |Ask -Follow

Tax, Mutual Fund Expert - Answered on Jul 25, 2023

Hardik Parikh is a chartered accountant with over 15 years of experience in taxation, accounting and finance.
He also holds an MBA degree from IIM-Indore.
Hardik, who began his career as an equity research analyst, founded his own advisory firm, Hardik Parikh Associates LLP, which provides a variety of financial services to clients.
He is committed to sharing his knowledge and helping others learn more about finance. He also speaks about valuation at different forums, such as study groups of the Western India Regional Council of Chartered Accountants.... more

Asked by Anonymous - Jul 24, 2023Hindi

Money

Hello Hardik Sir , thanks for your reply to my query dated 21 Jul. I still have doubt in point no 1 whereby by you have suggested that i should include the income of deceased till the date of death while filing return of deceased . The point which needs clarification is that in 26AS you will see the income earned and TDS deducted till the deceased accounts are closed. But As suggested i will be showing income till the day when my father died which will be less than that shown in 26As but the TDS shown is on higher income so there will be mismatch. If you say that TDS is also to be proportionally divided than how it has to be done ? How will scrutiny officer or software will understand the bifurcation done and nit send notice?

Ans: Hello again,

I understand your concern about the mismatch between the income shown in Form 26AS and the income till the date of your father's demise. Here's how you can handle this situation:

1. While filing the return for the deceased, you should indeed include the income earned till the date of death. This is as per the Income Tax Act of 1961.

2. Regarding the TDS, it is deducted based on the estimated income for the entire year. However, since your father passed away during the year, the income earned till the date of his death is less than the estimated annual income.

3. In such a case, you can claim a refund of the excess TDS deducted while filing the income tax return. The Income Tax Department will process this refund.

4. If there is a scrutiny by the Income Tax Department, you can provide the necessary documents and explain the situation. The department is aware of such circumstances and they will understand the bifurcation.

5. It's always a good idea to consult with a tax advisor or chartered accountant to ensure that the tax return is filed correctly.

I hope this clarifies your doubt.

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

Mihir Tanna |1101 Answers |Ask -Follow

Tax Expert - Answered on Aug 17, 2023

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.

Hardik Parikh | Answer |Ask -Follow

Tax, Mutual Fund Expert - Answered on Jul 23, 2023

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!

Latest Questions

Purshotam Lal |84 Answers |Ask -Follow

Financial Planner, MF and Insurance Expert - Answered on Mar 09, 2026

Question by Chidambaram - Jan 02, 2026Hindi

Money

Dear Sir, Im 53 yrs old now, i would like to know, in SBI Life Policies, what are the best beneficial wealth policies as well as with Sudden Death Protection, which suits my age and income source salary is 10L /Annum.. thanks, from Chennai

Ans: Best suited / beneficial policies for wealth creation should be ULIP Policy ie. Unit Linked Insurance Plan which combines Term Cover as well invest balance in a selected portfolio plan with varying proportion or asset-allocation to Equity, Debt and Money Market instruments as per your risk-profile. Please consult a Certified Financial Planner or Advisor.

Purshotam, CFP®, MBA, CAIIB, FIII
Certified Financial Planner
Insurance advisor
www.finphoenixinvest.com

Purshotam Lal |84 Answers |Ask -Follow

Financial Planner, MF and Insurance Expert - Answered on Mar 09, 2026

Question by Venkatesh - Feb 19, 2026Hindi

Money

purchased a property worth 1.6Cr. Taken a EMI through a bank. They have deducted a life insurance premium worth of Rs. 1,30,000/- . My question is if I change the banker, my premium may get shifted to the borrower bank or I have to pay again for the life insurance?

Ans: If it is a one time insurance premium then Insurance company refunds the pro-rate premium charged for future period of loan being shifted to other Bank. If premium is regular premium then there is no problem and you can have a new policy with the Bank where you have shifted the loan. This is the normal practice. Rest you enquire from your Banker.

Warm Regards,

Purshotam, CFP®, MBA, CAIIB, FIII
Certified Financial Planner
Insurance advisor
www.finphoenixinvest.com

Ravi Mittal |708 Answers |Ask -Follow

Dating, Relationships Expert - Answered on Mar 09, 2026

Asked by Anonymous - Mar 09, 2026Hindi

Relationship

I don't believe in marriage but my partner does. He is 37, I am 32. We have been dating for 12 years and known each other as friends. Every time one of our friends get married, he tells me we should get married too. It sounds cute to my friends and family but I don't feel the need for it. We are good as a couple, we are there for each other. Everyone I know is aware that we are a couple. I don't mind moving in with him. But marriage is very complicated. I don't want that label to ruin what is beautiful between us. How do I convince him that we can love each other without getting married?

Ans: Dear Anonymous,
You are right, it is entirely possible to love each other forever without labelling it as a marriage but he is also right to want a commitment that is on paper as well. This is one of those situations where neither of you is wrong. You can try and explain your side in case your partner gets serious about getting married, but trying to convince him to give up what he wants is not fair. It is a tricky situation but I believe that clear communication from right now can dodge some unnecessary complications which might arise once your partner doesn’t just say “we should get married too” and moves on to “will you marry me?” Please have an open discussion about your views on marriage and his, and try to find a middle ground so that your relationship does not get affected.

Best Wishes.

Nayagam P P |10939 Answers |Ask -Follow

Career Counsellor - Answered on Mar 09, 2026

Question by Keshav - Mar 09, 2026Hindi

Career

Hello sir Maine 2022- physics chemistry maths without English complete Kiya (UP BOARD) 2024- private se english kiya (UP BOARD) Uske baad mujhe neet dene ka man hua to 2026- is year BIO private (Up Board) se kar rha hu exam feb me ho gaye hai abhi march me neet ka form aagaye hai , kya mai eligible hu Filhal maine jee mains dekar 2023 me btech me admission liya tha abhi mai 3rd year me hu , mai neet dena chahta hu please clear and correct bataiye

Ans: Keshav,
Yes, you're eligible for NEET 2026. UP Board private exams count as valid 12th equivalent with PCB+English (Code 02)—Bio results post-Feb exams will confirm marks (need 50% aggregate PCB for general). BTech doesn't bar you; there is no attempt/upper age limit. However, I advise you to continue your BTech—don't drop UNTIL you secure a confirmed medical college seat via NEET. Switching streams midway is risky; keep options open and think hard before quitting engineering for medicine. ALL the BEST for Your Prosperous Future!

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

Nayagam P P |10939 Answers |Ask -Follow

Career Counsellor - Answered on Mar 09, 2026

Asked by Anonymous - Mar 07, 2026Hindi

Career

Student was failed in class 12th in 2024 and 2025 into some health issues and the fastest class 12 in 2026 would he will be eligible for JEE advanced 2027

Ans: Answered your question here: https://gurus.rediff.com/question/qdtl/career/main-2023-11-pass-ka-hai-aur-2026-se-nios/5249849

Samraat Jadhav |2557 Answers |Ask -Follow

Stock Market Expert - Answered on Mar 09, 2026

Asked by Anonymous - Mar 07, 2026Hindi

Money

What is the prospect of ICICIAMC Stock ???

Ans: future prospects are good as mutual fund business in India is flourishing and icici has good product innovation. Its good to add in this panic times

Samraat Jadhav |2557 Answers |Ask -Follow

Stock Market Expert - Answered on Mar 09, 2026

Asked by Anonymous - Mar 08, 2026Hindi

Money

Mere pass gtl infrastructure ke 13000 share he mujhe aaj ke din 10400 ka loss he mujhe kya Krna chahiye

Ans: exit karlo, ye comapny jitna kamati hain usse jyada tho byaj dena padta hain. Exit and buy quality company.

Nayagam P P |10939 Answers |Ask -Follow

Career Counsellor - Answered on Mar 09, 2026

Asked by Anonymous - Mar 07, 2026Hindi

Career

I am pcb stream student currently 20 year old my father is a mutual fund distributor and I want to do the same job can any one help me how I can become better and should I do cfa or cfp

Ans: Before addressing your question, I’d like to share something from my experience working with students and parents. Choosing a career similar to your father’s is perfectly fine—but only if you are genuinely passionate about the financial investment field. It should be your interest, not just a family expectation. Now, let’s come to your question.
Go for Certified Financial Planner (CFP) to excel as a mutual fund distributor like your dad. CFP focuses on client financial planning—perfect for selling funds, building trust, and growing your practice in India—while CFA dives deep into investment analysis better for portfolio management jobs. CFP is quicker (months vs. years), cheaper, and directly boosts distributor credibility with clients and Asset Management Companies like HDFC, SBI, etc. First, pass NISM V-A: Mutual Fund Distributors Certification Examination (mandatory, easy entry post-12th) of the National Institute of Securities Markets. However, you must possess the following key skills: communication to explain funds simply, financial acumen for product picks, and also relationship-building for repeat business. ALL the BEST for Your Prosperous Future!

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

Nayagam P P |10939 Answers |Ask -Follow

Career Counsellor - Answered on Mar 09, 2026

Asked by Anonymous - Mar 08, 2026Hindi

Career

Sir main 2023 me 11 pass ka hai aur me 2026 se nios de 12 duga to mai 2027 ka jee advanced ka paper de Sakta hu

Ans: Haan, bilkul de sakta hai 2027 ka JEE Advanced. NIOS 12th 2026 pass karne pe first attempt 2027 mein milega (NIOS valid hai). Bas JEE Main top 2.5L rank laana aur age limit follow karna. Official rules confirm karte hain—no issue with the 11th gap. Aapke khushhaal bhavishya ke liye dil se shubhkaamnaayein!

RediffGURUS ko follow karo naukri | dhan | sehat | rishte ke baare mein aur jaanne ke liye.

Nayagam P P |10939 Answers |Ask -Follow

Career Counsellor - Answered on Mar 09, 2026

Asked by Anonymous - Mar 08, 2026Hindi

Career

i passed my 12th hsc (pcb) in 2024 without maths, and this year as in 2026 i appeared for maths isolated in hope that i would be eligible for maths based courses in all the IISERS. And i saw one of my friends’ isolated subjects’ marksheet and it doesn’t show that she had pcb or that she has given boards in 2024, it just shows maths without any percentage. So now that while filling my application i would say i’m appearing cause i’m still waiting for my maths results, my question is would it be enough for me to upload my isolated marksheet when my result comes or would i not be eligible for any IISERS at all. And that how would they know that i gave pcb subjects in 2024?

Ans: Yes, you're eligible for all IISERs. Upload both your 2024 PCB marksheet and isolated Maths marksheet (as improvement/additional) in the application. IISER verifies subjects via uploaded documents, not the marksheet alone. ALL the BEST for Your Prosperous Future!

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

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