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Mahesh Padmanabhan |124 Answers |Ask -Follow

Tax Expert - Answered on Feb 22, 2023

Mahesh Padmanabhan has specialised in payroll, personal and corporate taxation for more than two and a half decades, enabling him to provide practical, realistic and correct advice to his clients.
He is a member of The Institute of Chartered Accountants of India and has a degree in cost accounting from the Institute of Cost Accountants of India.
He is also a qualified information systems auditor. ... more

Asked by Anonymous - Feb 21, 2023Hindi

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purchased ICICI children growth bond in 2001 on the name of my son. Same has been redeemed in 2022 after maturity. My Son is 22 years old and having PAN also which was submitted to ICICI along with details of his account number after attaining 18 years of age. Redemption amount has been credited to my son's account but TDS has been deducted against my PAN. Is this okay as per IT rules?, any possible corrective action?

Ans: Hi
Generally all financial institutions have a defined policy on investments held by minors and what should be the process of updation of system on such minors attaining the age of majority.

You could check with the institution on their policy and seek appropriate redressal to this issue

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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Question by Sneha - Apr 29, 2023Hindi

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My dad purchased 20,000 child growth bond on 2002 in icici.The redemption date is over and I send mail 20+ time but no reply? What should I do next?

Ans: Sorry Sneha
It is not clear what instrument did you buy because I’m not aware of anything called child growth bond. Also, ICICI group has a large number of companies like ICICI Bank, ICICI Securities, ICICI Prudential Life Insurance, ICICI Lombard General Insurance etc.

Unless you give correct and complete details, and address it to the right company, you would not be able to get the response that you desire.

From my personal experience, ICICI companies are generally quite responsive.

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I took 5 children growth bond of icici for rs. 5000 in 2002 . They have matured in 2023. However ICICI investor centre does not respond nor are they sending the maturity amount. Whom to approach. ICICI bank or demat centres of ICICI are also not ready to respond. Please help whom to approach for redemption.

Ans: Please approach the BANK as these bonds are issued by them.

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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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