Death of assesee
This query is : Resolved
dhirajpareek
(Querist)
05 March 2012
After death in middle of year how income is taxable in other hands if no will
06 March 2012
The income will be taxable in the hands of the legal heir.
The legal heir will be the person in whose name the assets have been transferred.
The legal heir will be the person in whose name the assets have been transferred.
06 March 2012
The income may be determined for the entire year and shall be apportioned on time basis among the deceased and the legal heir.
Prakash Kochar
(Expert)
07 March 2012
Income till date of death as per books closed or determined on days baisis will be treated as income of deceased, and from death onward business income will be taxed in hand of a person who succeeded the business as per mutual consent of legal heirs, and if the income is from any other sources other than business it will be assessed in hands of legal heirs in proportion as applicable by succession act governed in their case, if there is no will.
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