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Prasad   31 July 2019

Income tax

My Father expired recently and I live in USA. Since the deadline for filing taxes is around the corner, my question is, am I required to file any taxes on any of his property or his money in banks? Is a dead person still liable for taxes?

Please advise

 

Prasad

 



 5 Replies

SIVARAMAPRASAD KAPPAGANTU (Retired Manager)     01 August 2019

The due date is extended up to 31st August 2019. Yes ITR needs to be filed. However, it has to be filed in your capacity as Legal Heir. There is a procedure to do so.  It is better that you engage the services of a Chartered Accountant and provide him full details of the income during the financial year.

 

Further, if you have inherited any assets and same are giving you income in India like rent, dividends or interest, such income needs to be credited first to your NRO account and later can be repatriated back to you to a maximum of USD 1.00 million subject to the submission of  forms 15CA and 15CB to the Bank handling the remittance.

1 Like

H.M.Patnaik (Proprietor)     01 August 2019

In case your deceased father had any taxable income during the last financial year in Individual capacity, then his Legal representative has to file the Income Tax return by 31st Aug., 2019.

H.M.Patnaik (Proprietor)     01 August 2019

In case your deceased father had any taxable income during the last financial year in Individual capacity, then his Legal representative has to file the Income Tax return by 31st Aug., 2019.

Rajib Banerjee   12 May 2020

I need opinion in this matter.My friend is a private organisation employee and has started a Go funding through Facebook/ whats app groups for raising fund to help people in distress due to lockdown for Corona. My quories are
1. He received funds about 4 lakhs into his savings Bank accounts.
2. He purchases releaf materials like Rations/ medicine/ cleaning material etc and distributed among 100 persons.He made cheater payment to the supplies of this material from that Go fund it account.

What precaution he should take so that IT doses not raise question on this in future.

thanking you
with best regards
Rajib Banerjee

SIVARAMAPRASAD KAPPAGANTU (Retired Manager)     12 May 2020

He shouldn't have used his personal account for social service. Better open a separate account and route the funds keeping all details of funds received and bills for expenditure to prove the receipts genuineness of the activity. It's advisable to open a Trust account along with atleast another person.

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