New Delhi, Oct. 11 -- When an individual loses their parent, it is one of the most difficult periods of their lives. Still, it is important to note that such a challenging situation comes with not only the emotional and psychological stress but also with several inherent financial obligations and responsibilities. One such responsibility is to be amicable, manage the finances of the deceased parent, and ensure meaningful tax compliance.

This is because when a parent dies, fixed deposits (FDs) held in their name can leave family members with significant questions about inheritance, interest income, and tax liability. Now, it is a given that inherited money is generally not taxable; however, the interest earned on the deposit may be subjec...