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Income Tax on Fixed Deposit FD

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(Querist)
14 April 2011 I have one FD & have my son as a nominee AND another FD with my wife as nominee.

After my death, would my son & wife be required to pay income tax when they claim the amount (FD & interest). Pls.

Regards,
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CMA Nishad Patkar

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CMA Nishad Patkar (Expert)
15 April 2011
They need not to pay any tax on Principle amt of FD. However TDS would be deducted if it crosses the ceiling.

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