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Income tax liability on legal heir

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Querist : Anonymous

Querist : Anonymous (Querist)

10 June 2013 My father purchased a house in 2009-10 , deposited some amount of cash in saving account, and purchase some shares but he did not pay any tax at all and he also did not file the income tax teturn.. He sold these shares and amount was spent by him on himself. He transferred this house to me through gift deed last month and he died. Now I have received a computer generated letter from income tax department addressed to my father and this letter talks about these transactions based on annual information return (AIR). What should I do.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

10 June 2013 I am extremely sorry for the sudden demise.
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Now, you would require guidance of a tax expert.
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Transactions in shares are difficult to explain. However, contact the broker for annual profit & Loss summary and ledger accounts.
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In case shares are held for 1 yr or more, no tax is leviable.
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