04 April 2018
MY FATHER WAS HAVING A FIXED DEPOSIT IN SBI SINCE YEAR 2015. HE EXPIRED ON YEAR 2016. I BEING THE NOMINEE OF ACCOUNT DECIDED TO CONTINUE HIS ACCOUNT TILL MATURITY. THIS YEAR 2018 THE ACCOUNT IS GOING TO MATURE AND I WANT TO CLAIM IT. WILL, I HAVE TO PAY ANY INCOME TAX ON THE MATURITY AMOUNT I WILL BE RECEIVING.? I SO, THAN AT WHAT PERCENT. IS THERE ANY WAY TO RECEIVE THE WHOLE AMOUNT WITH PAYING INCOME TAX.
04 April 2018
Thanx Mem for your reply. But the Bank authorities are telling that they will deduct TDS on the interest of the deposit amount. What will I do in case they will deduct TDS.
04 April 2018
There are two aspects 1) FD amount received by you as nominee is tax exempt as it is in the nature of inheritance and no tax is payable on such amount
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