FD claim - nominee

Only the interest income will be your considered as your income, only after FD is transferred in your name

There will not be any tax liability on the Money received in inheritance. In case of FD, The interest received on FD inherited by the successor will be taxable if he wishes to continue the FD. The interest will be taxable from the date of death of the previous holder up to the date of maturity. But if the successor discontinues the FD and withdraws it then he won’t be liable to pay any tax

Income from Fixed Deposit needs to be shown as Interest portion of Income from other sources.

Yes, it is a capital receipt so in my opinion 7.5lakhs can be shown as exempt income, Difference of 2.5 lakhs is already taxed in the hands of your mother's sister

Dear Sir,

- Interest on FD from the date of opening till the date of demise will be taxable in your mother's sister hand. As you have written she passed away a year back so interest after her demise will be taxable in your hand under the head income from other sources. Principal amount received by you as nominee is not taxable.

- Also check whether return of deceased was filed by legal heir if she was liable to file ITR.

Thanks

Income received by way of will or inheritance is not taxable.

However interest earned from the date of demise of your mother's sister till the maturity will be taxable as Interest income.

You will show this principal amount under exempt income.

Hi

Interest income from date of demise till maturity will be taxed in your hands as income from other sources.

Principal amount received is by inheritance so not taxable. It will be declared under exempt income received by will or inheritance.

As per nomination rules nominee is only entitle to recd the fund in case of demise of owner & has to distribute it as per demised will if as per her will you got this fund then no tax

Hi

Money received from inheritance is not taxable. Show the same as exempt income.

However, interest accrued post her demise shall be taxable under the head Other Sources.

Make sure her ITR is also filed by her legal heirs. Interest accrued upto the date of her demise shall be taxable under her PAN.

While filing the returns the amount of Rs.7.5 L need not be shown.

Hi,

There will be no tax liability on the monies received on account of inheritance. However, any interest earned subsequent to the demise of the person will be taxable in your hands.

Regards,

Nikhil

The amount revived can be shown as exempt income. The interest component will have to be reflected by you under Income from Other Sources.

Regards,

Nikhil.

Hi,

Any amount received in inheritance shall be exempt from tax.

However any interest received by you on this FD post reflection in your name shall be taxable.

Hope your query is resolved!

Hi,

There is no need to show the amount of 7.5L seperately in your ITR. You just need to disclose the interest component.

Dear Sir,

Hope you are doing well !

Under section 56 of the Income-tax Act, any money received by an individual from a person during any fiscal year (FY) without consideration, the aggregate value of which exceeds Rs.50,000, is taxable under the head “income from other sources”.

However, an exemption could be availed if the money is received from a relative, which includes among others, any lineal ascendant or descendant of the individual. Accordingly, the money received by your mother’s own sister shall not be taxable. So, there is no need to show the amount of Rs. 7.5 Lakh in your income tax return.

Any interest earned on the money placed in the FD account shall be taxable in your hands as per the income-tax slab rate in which you fall. It will have to be shown as "Income from other sources"

Thanks & Regards,

Payal Chhajed

Dear Sir,

Any money received by way inheritance is exempt in the hands of the recipient.

But,the income that you will earn from such inheritance will be taxable in your hands.e.g.Interest that you earn on FD accounts.