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Fd and interest received by nominee on death

Eswar Reddy S (CFO- at NHTF) (58270 Points)

28 July 2014

Dear Experts ? One of our clients has received FD and interest on death of his father ? Is FD and interest taxable in the hands of our client ?

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6 Replies

Z ( ) (2965 Points)
Replied 28 July 2014

Interest or FD or any other thing received consequent to death does not partakes the nature of income in hands of recepient, its estate devolving to them

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Tribhuvan Aditya Singh (Student as well as Self-employed) (3710 Points)
Replied 28 July 2014

no, it wont be taxable. any part of estate recvd on death of a person is not considered income in hands of receiver.

Hitesh Khanna (Accounting & Finance Taxation Company Law Audit ) (839 Points)
Replied 28 July 2014

Above FD & Interest shall be taxable in the hands of Son.

Had he received the FD / Interest in contemplation of WILL of his father, the same should have been exempt.

Hitesh Khanna (Accounting & Finance Taxation Company Law Audit ) (839 Points)
Replied 29 July 2014

I would like to take back the above reply. FD and interest on FD shall be exempt in the hands of son. Int on Fd shall be taxable in the hands of father only.

Mihir (Wealth Manager) (5293 Points)
Replied 29 July 2014

Not taxable in the hands of the son.

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Harshil (student) (65 Points)
Replied 01 August 2014

This contemplation at will ... as per other source income amount received after dealth to son or any other that income is exempted ..this is said as a gift.....also received from relative,education society,charitable society etc.