Taxation on registered will of non blood relation.
Atish
(Querist) 03 November 2016
This query is : Resolved
Hello Respected All,
If the executant of a registered will is not a blood relation to the receivers in the will, then will any taxation be applicable on the fixed deposits and saving account amounts or any other such amounts mentioned in the will to the receivers after the demise of the executant? Besides the will all above mentioned accounts and amounts are jointly in all the names of the executant of the will and the receivers as either or survivor.
Regards
Atish
kavksatyanarayana
(Expert) 03 November 2016
you queried that "Besides the will all above mentioned accounts and amounts are jointly in all the names of the executant of the will and the receivers as either or survivor". all the names of the executant means? it is not clear.
Rajendra K Goyal
(Expert) 03 November 2016
Casual query may not solve the problem, it is better, state material facts and / or discuss with some senior lawyer in the field for guidance, clarify your doubts.
Kumar Doab
(Expert) 04 November 2016
Two individuals that have NO blood relation can open joint bank a/c.
Owner can bequeath estate outside blood relations also.
Which tax you want to know?
Your counsel specializing in tax matters can guide, you.
malipeddi jaggarao
(Expert) 05 November 2016
Agreed with expert Mr.Kumar Doab. What tax you are speaking about? Are you speaking about TDS on bank deposits? Either or survivor is operational instruction to make the process of getting the money/transferring the deposit on maturity. It is not a title. Through valid Will, the survivor becomes the owner. In such case, the TDS applicable as per the income of the survivor. You come will full facts if you really have a problem.
Rajendra K Goyal
(Expert) 06 November 2016
Author has not mentioned what type of tax he is talking.
For tax matter consult tax consultant.
Kumar Doab
(Expert) 06 November 2016
Believing that it is income tax.
RBI has issued guidelines on Treatment of Deceased Depositor Account, flow of funds in Deceased Depositor Account.
You may look into Guidelines on Income Tax on Deceased Depositor Account and of beneficiary.
