Claim of mother estate after her death
Mansoori Zubair Salim
(Querist) 05 May 2015
This query is : Resolved
Hi,
One of my Assessee Mother is dead suddenly without executing will. she has only one son i.e. the Assessee. The mother of the Assessee had not file any income tax return in his lifetime she had total Estate of Rs. 1 Crore including Fixed Deposits, Cash in Hand, Immoveable Properties etc. In fixed Deposit she had makes Nominee to his son. Now the question arises that
1. whether son has to pay any tax like Income Tax, Wealth Tax etc. on receipt of these cash, Properties & Fixed Deposits on which mother had never paid any Income Tax ?
2. How to claim the fixed deposit amount from bank?
3. How to Treat these Estates in Assessee Books of Accounts?
Awaiting for yours Valuable & Helpful Replies.
Thanking You.
Kumar Doab
(Expert) 05 May 2015
The legal heir/successor can file ITR of deceased..........Check with bank,local ITO,CA,I.Tax lawyer...............
The bank is bound to make the payment of FDR to nominee without any surety,indemnity,witness etc.........within time line guided by RBI and bank's internal policy in line with RBI and that has to be displayed in bank..............
Rajendra K Goyal
(Expert) 06 May 2015
For payment of FD from Bank the nominee should apply with copy of death certificate of the deceased. Bank would release the payment.
If the income of the deceased increased the threshold limit, her return need to be filed.
For entries in the books of legal heir, better consult CA.
ajay sethi
(Expert) 06 May 2015
approach bank with copy of death certifcate to release the payment to the nominee
since the amount involved is over a crore bank may insist on succession certificate from court .
