One Reply to “I was joint/nominee in all my expired mothers FDs with Banks and NSC with POs. What is my tax liabilty?”

  1. It is presumed that investments were of long term basis and hence no capital gain tax.
    You are not entitled to pay tax on any assets left by your late mother including investments in FDR,NSC,Shares,jewellery and personal items including cash on hand. These items and amounts are to be declared in your return as ‘received from the estate of Late….. mother”
    For claiming TDS on FDS – you have to file her Tax return and claim the amount. Do not close any of her Bank accounts and keep them operative till such time all her assets are sorted out.
    If the TDS is not of much value than avoid the hassles.
    Have you received refunds if any from Income tax dept for her previous IT returns filed – if at all there was a refund.Check all the records.
    You have also to inform IT dept to close her files in view of her demise and keep an ack copy on your records.

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