Applicability of sec. 269ss & 269tt

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Maunik (Querist)
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16 June 2015 My assessee has expired. He has deposited in a firm which is under tax audit. He has three sons. Now can we transfer his deposit balance in the name of three sons equally through journal entry as he has not made any will? Whether the provisions of Sec. 269SS & 269TT will apply?

Ankur Singhal

Ankur Singhal (Expert)
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17 June 2015 To avoid section 269ss & 269t you should transfer amount of money through the authorised banking channels.i.e through account payee cheques.

And now on the matter of distribution of money distribute as the three sons wanted as per their understanding.
Equal distribution is appriciated.

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Soumitra Basu

Soumitra Basu (Expert)
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19 June 2015 THERE IS NO RELATION OF BORROWER AND LENDER BETWEEN THE PARTNER AND FIRM. SO THERE IS NO APPLICATION OF SECTION 269SS AND 269T.

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