06 April 2011
My mother passed away 3 yrs ago at the age of 66. We have recently found some bank deposits in her name which are earning a interest income of roughly 1.5 lac each yr. 1. Do we need to file a return on her behalf? 2. Is it mandatory to file her return? 3. Since she was a senior citizen at the time of her death, i m assuming tht this income will not be taxable. Am i correct?
06 April 2011
In case TDS being deducted by bank u should file return to claim the refund otherwise since income is below exemption for senior citizen of Rs. 240,000/- then there is no need to file return.
Also distributed her assets to all their legal heirs and close all her accounts and file a last return of her and write a letter stating that your mother has deceased and kindly cancel the P. A. No. alloted to her.