Capital Gains tax in case of legal heirs
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 October 2010
Recently one of my relative expired by committing suicide due to financial crisis. He had sold his property and the entire amount was utilised for clearing the debts with private money lenders. His wife is now left with a small amount which is not even 20% of the sale proceeds. Now my question is whether the legal heirs are liable for Capital gain tax. And as there is very little money left is there any facility for an appeal. The wife is housewife and does not have any income. Two children are young and still studying. I shall be grateful if someone could assist me in this regard.
Guest
Guest
(Expert)
16 January 2011
estate of deceased is only responsible for the tax liabilities of a deceased person and not the legal heirs.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- About TDS & Income Tax
- Under construction property in ITR
- PPF interest-As Exempt Income disclosure
- Scrutiny and reopening of past returns
- Pass word to open justification report for Q1 for FY 2026-27
- Section 194JA & JB Income which ITR Form to use
- Upload Level ValidationITR3Category of Defect B/D
- Not able to file ITR
- Building tax payment deduction in rental Income
- FEMA regulation Act. for inward remitance
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
