My father and his brother were joint co-owners of property recd from their grand aunt who expired in 1961 giving all the property to my father and uncle in equal shares as per her will. Now my uncle also expired in jan 2015. he was unmarried and had no children and bequeathed his property in equal shares to myself and my brother by making a will . I have filed his return till AY 15-16. Now my query is after my uncles demise whether the property income should be shown in our returns or should we continue as his legal heirs and file his return as being legal heirs till the property is trf in my name and my brothers name. The probate for my uncles will has not been yet taken and the property is still in his name and my fathers name. whether the income should be considered in my and my brothers returns after the probate formalities are completed and transfer deed is filed with registrar ? or we can start showing it as our income being beneficiaries under the will ? what is the position under indian income tax ? We are hindu by caste. We are having 2 to 3 tenants in our property and have dispute with one of them. In the court we have been shown as joint owners on record. whether the treatment as per income tax and judiciary is different.
Raghuraman
CAclubindia
