Tax on cheque in name of deceased

This query is : Resolved

Dheeraj (Querist)
Follow

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?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

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.

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
Follow

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

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

avulaandcopdrl 2023

SIVALINGAM

office docs

Joyashish Maitra

Aayushi Chauhan

Subscribe Now

Tax on cheque in name of deceased

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA