tax liability

This query is : Resolved

tadikamalla satyanarayana (Querist)
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07 July 2010 maturity proceeds has received by the assessee after the death of his grand father
like postal rds, mutual funds, which these proceeds are taxable

these proceeds are taxable or not in the hands of the assessee

CA CS CIMA Prakash Somani

CA CS CIMA Prakash Somani (Expert)
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07 July 2010 In India few issues have to been seen while deciding the fate of any property, firstly the religion of the parties whom the property belongs or claim the right in the property, secondly the nature of the property as in case of Hindus whether the property in dispute is the Ancestral property or the self acquired property of the holder of the property, thirdly whether there exist any testamentary document such as 'Will' providing the disposal of the property in any manner to any person or that the property is the leftover property of the deceased who died intestate i.e. leaving no such testamentary document such as "will" but had legal heir to claim it according to the law of succession applicable to them. In these scenarios one has to decide the fate of any property left by its holder on his or her death. Lets presume you belong to Hindu Family & the said property of the grand father left on his death without making any 'Will' was his self acquired property, in such a case according to the Hindu Succession Act,1956 applicable to Hindus the class 1 heir of this person shall be his sons, daughters & wife who shall get his property in equal share, however if any of his son or daughter had died before his death leaving behind their heir as in the branch of each pre-deceased son or each pre-deceased daughter then only any of these will get share of their pre-deceased father or mother as the case maybe. However in your case since your father is alive then neither you nor your mother claim any share out of the property of your grand father which goes to your father on his death unless your grandfather had made a ‘Will’ before his death in favor of you or/& your mother of his whole or share in his property.

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