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Mihir Tanna  |1064 Answers  |Ask -

Tax Expert - Answered on Oct 26, 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 - Oct 21, 2023Hindi
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Two of my family members (parent and unmarried sibling) are currently incapacitated. I have added myself as a joint account holder in their bank/savings accounts in order to facilitate operations. (Both of them earn a modest income by virtue of their respective past employments.) I have no other sibling, and there are no other potential claimants in the family. How should I go about handling the money in the said accounts after their death? Does the money in their accounts automatically become mine given the fact that I'm a joint holder? Are there any tax implications in case of my sibling's wealth passing down to me? Please advise.

Ans: Amount received under will is not an Income for tax purpose. For other assistance, please contact bank.
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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Ramalingam

Ramalingam Kalirajan  |9383 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Jan 14, 2025

Asked by Anonymous - Jan 14, 2025Hindi
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My father expired recently. His Savings Accounts and FD's all are in nationalized banks. In most of the accounts my mother is nominee. As far as FD is concerned either he has kept my mother as nominee or they are joint holders. In all this banks my mother also has savings account and fds in her name. Kindly advise about the banking procedure. We want to invest my fathers hard earned money. Also flat is owned by my father and mother jointly. Advise about that procedure also. I have one sister and I am married with son. Before dying he has not left any will.
Ans: Losing a loved one is always difficult. Managing financial matters requires careful attention. Below is a detailed plan to handle your father’s accounts and investments.

1. Managing Savings Accounts
Check for nominee details on all savings accounts.

If your mother is the nominee, the process is straightforward.

Submit the following documents to the bank:

Death certificate of your father.
Nominee’s identity proof and address proof.
Bank account details of the nominee for fund transfer.
The bank will verify documents and transfer funds to the nominee’s account.

If no nominee is registered, the bank will request legal heir documents.

A succession certificate may be required.
Apply through the district court for this certificate.
2. Handling Fixed Deposits (FDs)
Joint Holder FDs:
If the FD is jointly held with “either or survivor” clause, your mother can access it directly.
Submit the death certificate and a simple application to continue or withdraw the FD.
Nominee FDs:
If your mother is the nominee, submit her identity proof and the death certificate.
The funds will be transferred to her account.
FDs Without Nominee:
For such cases, the legal heir process will apply.
Obtain a succession certificate for claiming the funds.
3. Managing the Jointly Owned Flat
The flat is jointly owned by your parents.

Your mother automatically inherits your father’s share.

To update ownership records:

Submit your father’s death certificate to the housing society.
Request a name transfer form from the society.
For legal ownership transfer:

Update property records with the sub-registrar’s office.
Submit the death certificate and joint ownership documents.
Discuss with your sister to ensure no future disputes.

4. Creating an Investment Plan for Your Mother
Assessing Current Funds:
Consolidate all proceeds from your father’s accounts and FDs.
Include the savings, FDs, and other assets your mother holds.
Identifying Financial Goals:
Prioritise safety and liquidity for your mother’s needs.
Create provisions for emergencies and regular income.
Suggested Investments:
Invest in a mix of debt and balanced mutual funds for stability.
Include senior citizen savings schemes for guaranteed returns.
Ensure liquidity by keeping some funds in fixed deposits or liquid funds.
5. Family Consent and Legal Safeguards
Discuss all financial matters openly with your sister.

Take written consent from family members before major decisions.

Create a will for your mother to avoid future complications.

Include all assets and their intended distribution in the will.

6. Tax Implications and Planning
Consult a Certified Financial Planner to manage taxes efficiently.

Interest income from FDs and mutual funds will be taxable.

Plan investments under Section 80C and 80D to save tax.

Keep track of long-term and short-term capital gains taxation.

7. Building a Comprehensive Financial Plan
Ensure your mother has adequate health and life insurance.

Set aside emergency funds for unforeseen expenses.

Regularly review investments for optimal performance.

Diversify funds to reduce risks and maintain steady returns.

8. Educating Your Family on Financial Matters
Involve your family in understanding financial procedures.

Teach them the importance of nominations and joint accounts.

Create a list of all assets and liabilities for easy reference.

Share this list with your spouse and trusted family members.

Final Insights
Handling your father’s hard-earned money requires care and responsibility. Following the correct procedures ensures smooth transitions. Create a robust financial plan to protect and grow these funds for your family’s future.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment

..Read more

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