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Mrunmai Deshpande (Housewife)     30 July 2018

Tds

Sir, My wife has passed away recently and regarding her financial status I have few questions. 1. Is it mandatory that PAN has to be cancelled and IT Dept has to be informed about death of a person if the said person is filing his ITR regularly. 2. If the PAN in the above case is cancelled and the diseased person is the 1st holder in a jt holding of an FD A/c in a bank and the A/c is not closed till its maturity, can the TDS deducted on the interest earned on the FD every year be claimed by the legal heir and if so, pl advise the procedure. 3. After the cancellation of PAN, in which A/c the above mentioned TDS will go? Pl. advise!


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 4 Replies

Adv Deepak Joshi +917017821512 (Advocate)     30 July 2018

Visit concerned bank branch tell them your wife is no more and there is FDR in her name.

You want premature closure of FDR as primary holder is no more.

Then close her account, life time arrear of her account will be paid to the nomine.

Kumar Doab (FIN)     01 August 2018

Obtain death certificate and legal heir certificate.

The legal heir/representative can file ITR of deceased, and thereafter cancel PAN by visiting the jurisdictional ITO.. with letter and death certificate..

The ITO shall guide and help you.

Kumar Doab (FIN)     01 August 2018

 

GO thru;

Central Government Act

Section 159 in The Income- Tax Act, 1995

159. Legal representatives

For Bank a/c of deceased a/c holder..

GO thru;

RBI Master Circular on Customer Service in Banks; Section ; 19,20

RBI/2015-16/59

DBR No.Leg.BC. 21/09.07.006/2015-16

 

July 1, 2015

Treatment of flows in the name of the deceased depositor is also mentioned therein.

Kumar Doab (FIN)     01 August 2018

As per mandate of a/c act by submitting requisite documents and claim form.

The bank/banker usually help and guide in such matters and even for calculating I Tax.

A senior/retired banker can help and guide you.

If there are difficulties that you are unable to handle; Discuss in person with a very able senior LOCAL CA/counsel of unshakable repute and integrity specializing in civil  matters  and well versed with latest citations, LOCAL applicable rules/laws/ … and having successful track record…. and worth his/her salt…..and show the documents/evidence for a considered opinion..

At each location three are some counsels that specialize in such matters and they are well known.

Check for such counsels at LOCAL civil courts, HC……


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