Tax if first holder of joint bank account dies
This query is : Resolved
Snehashish Ghosh
(Querist)
06 November 2019
I have a joint bank account with Either or Survivor mandate with my married sister (sister by blood). There is about 31 Lakhs in the account (15 lakhs in savings and 16 lakhs in joint FD with either or survivor mandate).
If I die (I am sick), the bank will make my sister the sole SINGLE account holder and she will come to own the 31 lakhs singly.
I have 2 questions in this regard:
1. Will my sister have to pay ANY TAX on the 31 lakhs (principal amount) after my death?
2. If yes, what will be the rate of tax ?
Snehashish
If I die (I am sick), the bank will make my sister the sole SINGLE account holder and she will come to own the 31 lakhs singly.
I have 2 questions in this regard:
1. Will my sister have to pay ANY TAX on the 31 lakhs (principal amount) after my death?
2. If yes, what will be the rate of tax ?
Snehashish
CA R SEETHARAMAN
(Expert)
07 November 2019
No tax payable........
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