09 October 2021
ITR2 AY 2021-22 of the deceased person is being filed now by Legal heir. TDS was deducted in the hands of a Deceased person during FY 2019-20 and carried forward in ITR for ITR2 for AY 2020-21. Again TDS was deducted on advance received against agreement to sell of a residential property during FY 2020-21. The Actual sale registration was done during FY 2020-21 by surviving members / legal heirs and TDS deducted in their hands on their respective share while receiving balance payment after the death. Can some one guide and enlighten how to claim TDS deducted on advance payment received by Deceased person when there is no income under LTCG while filing ITR2 of deceased person by legal representative/heir for AY 2021-22. LTCG on Residential property is shown separately by Legal heirs on their respective share in their individual ITR 2 AY 2021-22.
10 October 2021
Property was acquired during 1953. And cost is that of 2000-01 at Inflation Index of 100. Advance received during 2019 when Index was 289 and further advance in 2020-21 when it was 301. What details are to be filled in details. Please guide.
14 October 2021
The transfer has taken place in FY 2020-21, so, capital gain will arise in FY 2020-21 only. Take full value of consideration, including advance received earlier and cost of acquisition to be indexed till FY 2020-21. presuming the capital gain has arisen before death of the assessee, legal heir will file ITR of deceased and show LTCG in the return.
If the property has been sold by legal heirs, the LTCG will arise to each of them in their respective share and they will include the same in their own return, not the return of the deceased.
17 October 2021
It appears that my question has not been understood clearly. The property was sold by legal heirs after the death. As such the LTCG is shown in the return of legal heirs and not the deceased person. Question is how to get refund / adjust the TDS deducted in the hands of deceased person without showing any LTCG in return of deceased person, as the property was never sold by the deceased person and only advance was received.
Can some one guide and enlighten how to claim TDS deducted on advance payment received by Deceased person when there is no income under LTCG while filing ITR2 of deceased person by legal representative/heir for AY 2021-22.
Read more at: https://www.caclubindia.com/experts/itr2-ay-2021-22-claim-of-tds-by-legal-heir-person-on-advance-received-by-a-deceased-person-2854299.asp
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