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Anil Rego | Answer |Ask -Follow

Financial Planner - Answered on Nov 13, 2020

Anil Rego is the founder of Right Horizons, a financial and wealth management firm. He has 20 years of experience in the field of personal finance.
He’s an expert in income tax and wealth management.
He has completed his CFA/MBA from the ICFAI Business School.... more

Question by Omprakash on Nov 13, 2020Hindi

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What are the tax implications after an account holder dies without filing IT returns?

Ans: If a person dies, the legal heir has to file tax returns on behalf of the deceased, to report the income earned by the deceased until the date of his death, and taxes deducted thereon. Legal heir needs to register oneself on the income tax website for filing the return on behalf of deceased. This is mandatory for e-filing of return on behalf of the deceased person.

The PAN of both the deceased person and legal heir should be registered in the e-filing portal. However, if the deceased person’s PAN is not registered, then the legal heir can register on behalf of the deceased.

Once the request for registration as legal heir is approved, then the person can file return as legal heir on behalf of deceased.

Any income earned after the date of death from the assets inherited from the deceased is taxable in the hands of the legal heir. This would mean that in the year that the person died, the income for the year would need to be segregated between the return of the deceased and the legal heir.

Legal heir should include this income inherited from the deceased in her/his own income while filing own income tax return

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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My father passed away because of Covid last year without filing his tax returns. We want to file his income tax return now. How can we rectify this situation? Can one file tax returns of a dead person? How to go about it? Please inform us at the earliest.

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Two of my family members (parent and unmarried sibling) are currently incapacitated. I have added myself as a joint account holder in their bank/savings accounts in order to facilitate operations. (Both of them earn a modest income by virtue of their respective past employments.) I have no other sibling, and there are no other potential claimants in the family. How should I go about handling the money in the said accounts after their death? Does the money in their accounts automatically become mine given the fact that I'm a joint holder? Are there any tax implications in case of my sibling's wealth passing down to me? Please advise.

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