Assets and liabilities of a dead person
Devarajan S
(Querist) 08 March 2025
This query is : Resolved
My close relative drowned in Ganga and his body could be traced. How to manage his tax / financial liabilties and assets (ba k accounts, deposits, shares, house property, etc.)? His family had only his salary income.
Isaac Gabriel
(Expert) 08 March 2025
If he is an assesse, trace the tax returns filed.In addition his bank accounts could bechecked for conclusion.
kavksatyanarayana
(Expert) 08 March 2025
You shall consult a local CA or put this query in CAclubindia.com.
SIVARAMAPRASAD KAPPAGANTU
(Expert) 10 March 2025
The question does not relate to any legal issues but to the practical aspects of how to handle the matters once a person is no more.
The relatives may visit the Office of the deceased person and from the Employer (HR Section) can enquire the bank details where his salary is credited. In the house, his papers can be searched/verified to get the details of bank accounts from Passbook, chequebook, debit card, etc. Once the details are obtained, banks may be approached to claim the deposits, if any, duly following the procedure prescribed by the Bank/s. Once the bank details are known, other details like loan/s, if any, Dmat account,t etc.
As to tax returns, one should know the Pan Card details of the deceased. This might have been recorded in the bank account. The relatives of the deceased can approach the local Income Tax Office with the Pan Card and Death Certificate and request his latest tax details and liability, if any.
T. Kalaiselvan, Advocate
(Expert) 12 March 2025
If there was any tax liability or any other issues pertaining to the deceased either his legal heirs can take steps to become aware of them to face the issues accordingly or wait until there arises any claim against his liabilities.
P. Venu
(Expert) 15 March 2025
The query is too general that any meaningful suggestion is impossible.
