Assessement of legal heirs on death of person without will
This query is : Resolved
24 July 2013
A lady died without heirs like husband, son & daughter etc. The matter went to the high court for resolution of the dispute. Bombay high court appointed a court receiver to realize the estate and make payments to the heirs as per Hindu Succession Act. The court receiver realised the estate but did not pay any income tax at the time of the realisation of the estate. He however obtained a bond from all legal heirs that he / she will pay the income tax in respect of the estate passing to every heir. Will it be ok if each legal heir files a separate return which will include his individual income as well as income attributable to his/ her share of the estate???
24 July 2013
share of estate will not be chg to tax when it is received as it stands exempted u/s 49 as it is received on death of a person.
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