Will I have to pay extra tax on maturity of NSC and Kissan Vikas Patra
I am a working married Hidu woman aged 42.My father bought some NSCs and Kisan Vikas Patra where in some of them my status is of joint depositor and in some of them I am nominee,There are some FIX DEPOSITES in Banks where I enjoy the same status e.s.nominee and second depositor.My father died some months ago. I am an income tax assessee. My question is Will I have to pay EXTRA TAX on the maturity of these investments?
The tax liability is of the primary depositor. However when the primary depositor dies the responsibility devolves upon the beneficiary which may be either the joint holder or the nominee. Therefore in your case now after your fathers death you are responsible to pay the taxes on the investments.
Yes you are required to pay the tax on the maturity of these instruments as per their treatment under the IT Act.
Advocate Anshul AgarwalGokhale Marg, Lucknow
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