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D ROY   16 August 2021

Taxation of inherited fds received after maturity date

Q. My father made some Bank FDs before, 2006 with my name as 2nd holder. He expired in the year of Aug,2005. The maturity dates of said FDs were in March,2009. But the said FDs were not received / encashed till Nov,2020, due to unavoidable circumstance. Face value of total FDs is 3,00,000/- and matured value in Nov,2020 is 4,20,000/-. How the income tax will be calculated in F.Y. 20-21 and please also mention the income tax clause number under which rebate portion of the inherited FD amount is fall. Please give in details.


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