Amount received by an individual as a nominee is taxable?

This query is : Resolved

VANGARI GANGA RAJAM (Querist)
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07 March 2017 When an individual receives the amounts lying in a Fixed Deposits and in Saving Bank accounts (of his father) as a nominee from the Bank, whether it is taxable in the hands of nominee, whether he can claim any deductions ??

CA Gopal Somani

CA Gopal Somani (Expert)
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07 March 2017 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.

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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08 March 2017 No tax liability arise for above transfer not considered as income in case of successor or legal heir.

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VANGARI GANGA RAJAM

VANGARI GANGA RAJAM (Querist)
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08 March 2017 THANK YOU SIRS.

PLEASE SUGGEST, HOW TO SHOW MATURITY PROCEEDS OF FD RECEIVED BY THE NOMINEE IN HIS RETURN OF INCOME, UNDER WHICH SECTION OR CLAUSE OR PROVISION....
PLEASE SUGGEST....