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?


Answers (1)

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.


Googling your legal issue online?

The internet is not a lawyer and neither are you.
Talk to a real lawyer about your legal issue.

Popular Tax Lawyers

Advocate Shikhar Khare
Jangpura Extension, Delhi
6 years Experience
Advocate Barkha Bhalla
Banjara Hills, Hyderabad
16 years Experience
Advocate Rovena David
Vimanapura, Bangalore
10 years Experience
Advocate Rohit Ranjan Sinha
Pur Pundag, Ranchi
11 years Experience

Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at LawRato.com and has been responded by one of the Tax Lawyers at LawRato.com to address the specific facts and details. You may post your specific query based on your facts and details to get a response from one of the Lawyers at LawRato.com or contact a Lawyer of your choice to address your query in detail.


"LawRato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."

Similar questions

If one of my friend who is running a company is willing to lend me money, is the amount transferred to my savings or loan account from his current acc…

Read More

Hello, I am holding iliquid stocks of Jai Mata Glass Ltd worth Rs40,000/- purchased in 2011. Now the stock does not trade and there is no liquidity in…

Read More

I sold my property in Bangalore in April 2014, to a highly respected Chartered Accountant. He deducted 20% TDS but did not deposit it with Govt. I use…

Read More

Hi - I am looking to take an education loan from Avanse Education Loans (http://www.avanse.com/) for further study in London, United Kingdom. Would I …

Read More

Talk to a lawyer for your legal issue