Income tax liability of an inherent property
This query is : Resolved
28 June 2014
what will be the tax liabilty to individuals in a case when the property of assessee which is on his name and same is sold by his 4 children nd the amount
is distributed among themselves??? the property was sold after the death of assessee and the same is also not divided or transferes among his children...
29 June 2014
For property to be sold after the death of the property-owner, it needs to be transferred to the legal heirs.
If the deceased property-owner has executed a WILL, the property will be transferred as per the WILL.
In absence of WILL, the legal heirs need to claim and property title will be joint. In case the legal heirs wish to sell the property, they need to prepare a POA in name of one person who can execute the sale and later the sale proceeds be distributed to all the legal heirs.
If the deceased property-owner has executed a WILL, the property will be transferred as per the WILL.
In absence of WILL, the legal heirs need to claim and property title will be joint. In case the legal heirs wish to sell the property, they need to prepare a POA in name of one person who can execute the sale and later the sale proceeds be distributed to all the legal heirs.
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