I am retired from private services. 

I lost my wife on 23 Dec'2019. She files IT Returns and for the AY 2020-21 I filed her returns as representative. I too file IT Returns every year. I have not yet filed my returns for the AY 2020-21 since I have a query on the amount of bank and post office fixed deposits, LIC's PMVVY and two MFs of my wife.

As a nominee I received an amount of Rs 73,99,082 for all the fixed deposits of banks and post office, LIC PMVVY of my wife. The two Mutual Funds of Rs 33,31,316 of my wife also transferred on my name.

My queries are:

1. Do I have to show the above in my Tax Return?

2. If I show it, is it taxable?

3. Which ITR form should I use to file the returns for AY 2020-21?

I will be highly grateful for your help and guidance on this sir.

Ans: IIT Dhanbad.

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Ans: Satyam, Already answered your question. Please check.

Ans: Your son’s admission options include Electrical Engineering at NIT Silchar through JoSAA, Mechanical Engineering at NIT Kurukshetra via CSAB Round 1, and Manufacturing Engineering at BITS Pilani. NIT Silchar’s Electrical branch shows consistent placement rates around 80% with top recruiters like Amazon, offering average packages near Rs 12 LPA. NIT Kurukshetra’s Mechanical branch has an approximate 80% placement rate, with major industrial recruiters and average packages in the Rs 7.5-8.2 LPA range. BITS Pilani, known for its exceptional academic environment and strong industry connections, particularly excels in placements with nearly 90-100% of students placed, offering average packages in the range of Rs 18-20 LPA. Its manufacturing engineering branch benefits from this robust ecosystem despite lack of specific branch-wise data. Considering academic reputation, faculty quality, infrastructure, placement opportunities, and alumni network, BITS Pilani provides the most promising overall prospects. NIT Silchar and NIT Kurukshetra have good regional standing and opportunities but comparatively moderate placement outcomes.

The recommendation is to prioritize admission at BITS Pilani for Manufacturing Engineering due to superior placement outcomes, institutional prestige, and strong industry ties. If BITS is not preferred or feasible, NIT Silchar (Electrical) is a better option than NIT Kurukshetra (Mechanical). Waiting for further CSAB rounds is only advisable if aiming for significantly better branches or colleges aligned with your son’s rank. All the BEST for a Prosperous Future!

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