Income tax liability on son for assessment of died father
This query is : Resolved
20 September 2012
Sir,
If father has done some transactions and latter on he died. what are the responsebility on his son for clarification about transactions, for which son do not have knowledge.
Whether A.O. can impose tax liability on Father's transactions with reason of "unexplained Transactions"? If yes, whether liability is on successor of the Property of Father ?
Pls. guide in this matter.
Thanx..
If father has done some transactions and latter on he died. what are the responsebility on his son for clarification about transactions, for which son do not have knowledge.
Whether A.O. can impose tax liability on Father's transactions with reason of "unexplained Transactions"? If yes, whether liability is on successor of the Property of Father ?
Pls. guide in this matter.
Thanx..
auditor sekar
(Expert)
20 September 2012
1) Tax implication will not change whether the Assessee is live or died.
2) The Legalheir is responsible for payment of tax on the death of father whether testate or intestate. Considering the nature of the transaction if assessing officer levies any penaly, legalheir can apply for waiver.
2) The Legalheir is responsible for payment of tax on the death of father whether testate or intestate. Considering the nature of the transaction if assessing officer levies any penaly, legalheir can apply for waiver.
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