Accident compensation regarding,

M.RAJA. (Querist) 10 October 2011 This query is : Resolved
sir,
my father died in road accident,so we got compensation via court,my sister is minor her share is deposited inthe bank in the joint name of judge and my sister for six years,
my question is
whether PANCARD and 15G form is necessary?
whether TDS is applicable for this court deposit?
if she didnot produce pancard and 15g form whether tax is deducted?
plz give guidance via dineshrajaips@gmail.com

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soumitra basu (Expert) 14 October 2011
No PAN Card and Form No. 15G is necessary.
TDS is not applicable on this court deposit.
Tax is not deductible on this court deposit but tax is deductible from interest on bank deposit in absence of form no. 15G.

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