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Whether capital gain u/s 54 of wife is taxable in the hands of husband

neha suneja (Student CA Final ) (24 Points)

09 June 2016

there is capital gain which is exempted u/s 54 which but wife has died befor the expiry of stipulated period. Now whether it will be taxable in the hands of husband? whether there will be any clubbing?

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3 Replies

CA Harshal Totla (Chartered Accountant) (2229 Points)
Replied 09 June 2016

Section 159 of the Income-Tax Act lays down the liabilities of the legal representatives of a deceased person.

In most cases, the individual's spouse or eldest son/daughter assumes the status of legal heir or representative.

This is unless the will mentions another person to be the executor or administrator of the estate.

"As a legal heir, you have to file the return on behalf of the deceased for income earned till the date of death.
documents required for filing IT Return on behalf of the deceased are as below.

a) Copy of Death Certificate
b) PAN Card copy of deceased
c) PAN Card of the legal heir (with self-attested)
d) Legal Heir Certificate
e) Notarized affidavit
Scan all above documents for uploading purpose.

subhash kumar jha (PROFESSION) (445 Points)
Replied 09 June 2016

There is no capital gain which is exempt under section 54.....clarify your question please

subhash kumar jha (PROFESSION) (445 Points)
Replied 09 June 2016

I think u r talking about deduction u/s 54

here Incoem exempted again become taxable if property bought to claim exemption is transfer withn a stipulated period. So if property is being transfered within stipulated period then It will be taxable in the hands of wife.

File the return with her ID