Can an expired person keep his income-tax files open /running forever?
Can a person keep his income tax files open even after he is no longer there, so that , the amount of tax he was himself paying on his income, now will get transferred to his wife or children & now the income of his children or wife will get clubbed to the expired persons income therefore the children or wife will have to pay additional tax for the amt transferred to them. If the file of the expired person is kept opened he will still pay his own income tax for the taxable income if any & the wife /children /successor can pay their own individual tax? please let me know what is the law & how can the taxation problem be taken care off?
6 months ago
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by N.J.Redd...
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A person who is alive has to pay income tax on his income till the date of his death. After his death, his successors will file his returns along a letter to close the file. After his death, his property if any of the deceased person will be shared by his legal heirs as per their shares. And from that time the legal heirs (if their income is taxable) will have to file their individual returns including on the income from the property which they have received from the deceased person.
6 months ago
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by cadberri...
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i think if the deceased person dies while still owing taxes, all his remaining assets get picked over by the tax people, before the spouse or any dependents get any money, so it's like they; r paying the dead person's taxes for him after death--eg. father dies owing taxes, but leaves house to wife and kids, but they cant get full value of house cuz tax people get their cut first.
6 months ago
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my friend's mom almost lost her house when dad died leaving a whopping bill on back taxes, so she had to work out a way to pay back with the tax people in order to remain in her house.
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by nemaak
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How it is possible to earn by expired person.If you are thinking for pension etc. It will be automatically accounted for the income of his wife.So it is not possible to keep his income tax files open forever.
6 months ago
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by Orthodox Purushottam Kabra
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If the person has made a WILL, then till the executors completely distribute the estate amongst the heirs or as written in the will, the case will be assessed separately.If there is no will made by the person, Treat the property of the HUF with the consent of all the members and sharers of the estate, and you may continue the file for longer time.Taking advice of the knowledgeable TAx consultant and paying some fees will be worthwhile.
6 months ago
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