Taxability of long term capital gain in case of deceased.
This query is : Resolved
SHREEPAL LALWANI
(Querist)
20 February 2016
Sir,
My one of client has expired in the month of January 2016. He is regularly filing i.t. return. During F.Y. 2015-16 he made long term capital gain on transfer of a residential house property. What is the remedy available in this case for non-taxability in the hands of deceased as well as legal heirs?
Transfer of Residential house property is made before death of assessee.
My one of client has expired in the month of January 2016. He is regularly filing i.t. return. During F.Y. 2015-16 he made long term capital gain on transfer of a residential house property. What is the remedy available in this case for non-taxability in the hands of deceased as well as legal heirs?
Transfer of Residential house property is made before death of assessee.
Amol S Joglekar
(Expert)
20 February 2016
The legal representative can file the return for the deceased. The legal heirs can claim the exemptions under capital gain as would have been applicable to deceased.
SHREEPAL LALWANI
(Querist)
20 February 2016
That's mean Sir, Legal heir can purchase new property in his own name and claim deduction u/s 54 on behalf of deceased assessee.
22 February 2016
Legal heirs are responsible to the tax liability only if there is a devolution of assets in their hands from the deceased.
Amol S Joglekar
(Expert)
23 February 2016
how many legal heirs are there? All need to act jointly and severally so far as investment is concerned.
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