Accident claim regarding
Querist :
Anonymous
(Querist) 08 February 2011
This query is : Resolved
Respected sir,
my fathar worked as s.i of police he met an road accident and he expired on 2005.so we got 14laks as compensation via court.
me mother and sister are the legalheir of the deceased.
me and my mother got the amount each five lakhs.
but my sister is only 12 year old she is minor.
my question is
1.whether we have rights to ask in which bank the amount is deposited at which rate of interest?
2.if the amount is deposited in the bank with lowest interest rate.whether we have the rights to change the bank which give high interest rate.
3.whether the interest will claim monthly?
4.my sister is minor.whether she needs pancard or the amount deposited in the bank via court is not taxable please tell me.
5.nowadays the amount deposited in the bank without pancard is taxable.whether this rule is applicd for my sisters amount deposited via court.
please give me some guidance via my mail dineshrajaips@gmail.com
iam waiting for your answer as per your answer i will follow
thank you
Arul Kumar
(Expert) 08 February 2011
1)You can deposit the amount in any nationalised (preferable) bank.
2)You have options to change the bank for better interest rate.
3)Interest can be claimed on monthly or qtrly or annual basis.
4)Apply for pan card, she is eligible even though she is minor.
5)In routine process Bank will deduct tax at source on fixed deposit interest, if it is above Rs. 10000. The TDS is deducted at the rate of 10% (w.e.f.1-4-2010 If PAN will not be furnished then TDS will be deducted @ 20%). So to get the income tax refund, you have to file the income tax return. To avoid this process, you have to declare in Form 15G that you have not any taxable income. The main and only purpose of these form, is to submit declaration in writing in duplicate that there is not tax payable on her total income. In this case the payer shall not deduct any tax at source.
