Nominee
ess
(Querist) 01 June 2012
This query is : Resolved
Is the nominee liable to pay any tax on the Fixed Deposits and shares obtained by him on the death of nominator ?
Shonee Kapoor
(Expert) 01 June 2012
Not on the FDR/ Shares if it comes in succession.
But whatever income the same intrument generates would be taxable.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
V R SHROFF
(Expert) 01 June 2012
After death of ori depositor, it becomes your income. So it payable on ur income.
It can be divided on handing over to heirs
ajay sethi
(Expert) 01 June 2012
income you gain from fixed deposits would be taxable
R.K Nanda
(Expert) 01 June 2012
Agree with experts.
A V Vishal
(Expert) 01 June 2012
You have to file returns in capacity of Representative Assessee
Suhail A.Siddiqui
(Expert) 01 June 2012
Till the death of FD original owner will liable for Income Tax and tax return will filed by the legal heir and after his death share holder for his own share.
Suhail A.Siddiqui
(Expert) 01 June 2012
Till the death of FD original owner will liable for Income Tax and tax return will filed by the legal heir and after his death share holder for his own share.
B.Chakrapani Warrier
(Expert) 02 June 2012
Principal portion of the fixed deposit and value of shares is tax free in the hands of the nominee. But nominee being a trustee of the nominator, he/she has to file income tax return ,if the total income exceeds the maximum amount which is not chargeable to tax,in the capacity of 'representative assessee' in which the interest on FD up to the date of death has to be offered as income.
