INVESTIGATION OF BANK ACCOUNT OF DECEASED
N SURYANARAYANA
(Querist) 15 February 2011
This query is : Resolved
A person(who is unmarried and presently dead) has made huge transactions in crores of rupees in his bank account. The case has been taken-up for investigation by the I.T.Department to examine the source and to crystalise the liability of the deceased. The business of the assessee which was carried in his proprietory capacity was closed. The nominees of the person are his parents as could be seen from his bank accounts. The deceased has not left any property in his name. How to collect the Incometax liability of the deceased ?. Is the I.T.Department competent to apportion the tax liability of the deceased from the bank balances standing to the credit of the deceased which are being claimed by the nominees. What is the legal position in the matter.?
A V Vishal
(Expert) 15 February 2011
The department can attach the bank account and other properties of the deceased to recover the dues to the revenue.
