08 August 2009
MY CLIENT ( SENIOR CITIZEN ) IS IT ASSESSEE HAVING FIXED DEPOSITS WITH BANKS, INVESTMENT IN NSCS, KVPS, ETC., EACH YEAR HE IS REPORTING THE INCOME THE SAID DEPOSITS AS PER THE ACCRUED INTEREST CERTIFICATE OBTAINED FROM THE BANK. INTEREST IN RESPECT OF NSCS & KVPS IS REPORTED AS PER THE TABLE GIVEN IN IT READY RECKONER. HE HAS ALSO INVESTED IN FIVE YEAR TAX SAVING FIXED DEPOSITS IN BANK U/S 80-C OF THE I.T. ACT DURING FINANCIAL YEAR 2007-2008 & 2008-2009. THE ABOVE SAID DEPOSITS WILL MATURE AFTER 3 TO 4 YEARS. NOMINATION FOR THESE DEPOSITS HAVE BEEN MADE TO THE DIFFERENT FAMILY MEMBERS LIKE, WIFE, SON, DAUGHTER, DAUGHTER IN LAW AND GRAND SON ETC., HE EXPIRED ON DT; 20-11-08. MY QUERY IS IN WHOSE A/C THE INTREST FROM THE SAID DEPOSIT SHOULD BE REPORTED AFTER HIS DEATH? IS IT NECESSARY TO OBTAIN TWO CERTIFICATE FROM BANK IN RESPECT OF ACCRUED INTEREST ie., FROM 1-4-08 TO 20-11-08 AND FROM 21-11-08 TO 31-3-09. CAN WE CONTINUE HIS I.T. FILE TILL THE MATURITY OF THE SAID DEPOSITS? CAN NOMINEE PREMATURELY CLOSE THE TAX SAVING DEPOSIT? IN SUCH A CASE WHAT WILL BE THE POSITION OF EXEMPTION CLAIMED U/S 80-C BY THE DECEASED DURING THE PREVIOUS YEARS? THE BANK WANTS TO DEDUCT TDS ON THE SAID DEPOSITS. CAN NOMINEE FILE FORM 15-G ON BEHALF OF THE DECEASED?
09 August 2009
return upto 20-11-08 shall be filed in the name of senior citizen and afterthat his authorised represtentative can file return. If bank issue separate certificate then its good otherwise there is no need for separate certificate. and asked all other question one by one
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