Tax on cheque in name of deceased
This query is : Resolved
05 August 2013
Sir,
In case of cheque received (in the form of outstanding amount) in name of deceased person, can it be deposited in active joint account of the person and his wife??
And also are there any tax liabilities to be paid on that amount received by the deceased person's wife?
In case of cheque received (in the form of outstanding amount) in name of deceased person, can it be deposited in active joint account of the person and his wife??
And also are there any tax liabilities to be paid on that amount received by the deceased person's wife?
06 August 2013
1. yes the cheque can be deposited in the bank account held in joint name.
2. Such income is taxable in the hands of the deceased and the wife will have to file a return as legal heir of the deceased.
2. Such income is taxable in the hands of the deceased and the wife will have to file a return as legal heir of the deceased.
06 August 2013
You have look into the aspect of how the cheque has been received is it out of current sales then yes the tax is to be paid but if it is out of sales made and is representing Sundry Debtors then this income has already been taxed and considered and no further tax is payable as the amount is appearing in Sundry Debtors
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