Interest Earned on 5 Yr term deposit of Deceased

02 April 2023

If Interest is earned on a 5-year term deposit, which is in the name of the deceased,
Will that interest be included in income of legal heir ?

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4 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177741 Points)
Replied 03 April 2023

Only interest earned/accrued after death of the person is taxable in hands of heirs.

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sabyasachi mukherjee (27574 Points)
Replied 11 April 2023

Interest is taxable subject to provisions of Sec 80TTA AND 80TTB AS THE CASE MAY BE IN CASE OF THE NATURE OF ASSESSE.

Income Tax Wala: (Fin. Expert) (Chartered Accountants) (2015 Points)
Replied 11 April 2023

Originally posted by : Dhirajlal Rambhia
	Only interest earned/accrued after death of the person is taxable in hands of heirs.

Perfect

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177741 Points)
Replied 11 April 2023

Thanks.

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