If a son has given (gifted / given loan) Fixed Deposits to his retired/non earning father so that his needs can be fulfilled from interest money and unfortunately father dies –
Case 1 – there is no will
Case 2 – If there is a ‘will’ but if it does not mention about recovery of that Fixed Deposits given by son
In both the above cases, how that son can recover money from father’s assets before equal distribution of father’s assets takes place among siblings?
Also, is there a kind of agreement required between father & son prior to giving money so that based on which son can recover that FD money & does that agreement required to be registered?
Further, should that money be shown as borrowed by father so that son can recover it easily and will there be any tax implications in entire issue?
