Income tax

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Yash Dave (Querist)
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21 January 2013 a widow woman wants to file her income tax return and also make balnce sheet & capital a/c for first time for ay 2012-13 his husband is expired on 2009 his husband has transfered some propertys in her name like flats jewellry & fds where done by her father when she was minor currently she is on job and have rental income my question how to make his capital a/c & balancsheet showing his husband propertys & fds which was done by her father whether additional document required like death certifcate & will made by husband which value of flat is be considerd the price her husband brought or todays market value will she be taxed for the property transfer form her husband to her i am confused so please help in this matter

CA. SUDHARSAN K G

CA. SUDHARSAN K G (Expert)
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21 January 2013 Facts:
 A widow woman Assesee
 Has to file her income tax return with Balance Sheet and Capital Account
 First time for the Assessment Year: 2012-13
 Her husband expired on 2009, he transferred some properties in her name like flats, jewelry
 FDs where done by her father when she was minor
 At present she is on job and have rental income

Yours Question:
1) How to make her Capital Account and Balance Sheet?
Prepare Statement of affairs as on 01.04.2011 considering the following.
Generally, in India, the basis of preparation of Financial Statement is Historical Cost Convention Method. Hence, consider the Historical Cost (Brought Price) for the Gifts Received such as Flats and Jewellery.

2) For Transfer of Ownership in Flat:
There is no requirements, If the flat was legally transferred by a will/gift deed.

If not, that is the property is still in her husband's name, upon his death, all his legal heirs (son(s), daughter(s) and wife) will inherit the same in equal share. First and foremost, you have to submit to the Thasildar concerned, an application along with the Death Certificate, for grant of a legal heir certificate. After verifying the facts, the Tehasildar will grant you a legal certificate wherein all your names with relationship with the deceased would be mentioned.

3) For the claim of FD:
The procedure will be simple, since the FD’s are in the name of the Assessee. Contact the Bank for formalities.

4) Taxation on Transfer:
There is no Income Tax on Inheritance of Property.

I hope this suffice your present query.
With Regards,
CA. SUDHARSAN K G

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