Our father , died intestate, last year. The only asset to be realised from his estate left behind is bank account balance , and fixed deposit . We are myself , and my two sisters as surviving legal heir to his estate.
In one of the account maintained with the bank , I am a joint holder , and in the other savings account to which the FD is linked with the same bank he is the sole holder.
Pending receipt of legal heir certificate , we have kept all his bank account and FD running with bank in his name , without informing about his death.
We have applied for legal heir certificate, which is taking time. In the absence of legal heir certificate, will a settlement deed executed by my sisters in my favor to deal with the bank account and FD help in closing his account , and realising the money in my name.
Subsequently any transfer from my account to my sisters , will it attract any TAX under Indian Indian Income Tax Act?
