Answer this question....

Tax queries 524 views 5 replies

a man  has four sons and wife and he had let his property to the bank and he died in dec. 2008. the house property was in the name of man and the case went to court and jugdement of the court came in oct. 2010 that the income from the house property will be distributed amongst the five person equally and bank remmited the money to them after deducting T.D.S. in oct. 2010.

now my question is that in whose hand and in which year income from house property will be taxable for the period of dec. 2008 to march 2010 since they had not filed any return of income till now as the income earned by them earlier is below the taxable limit.

 


 

Replies (5)

Find out whether the man died intestate.

If the income from house property is evenly distributed, then all five will have to file retuns, stating their income from house property, and pay tax if its above the taxable limit.

in which year income from house property will taxable.????

If the income is below taxable limit then how did bank deduct TDS ....form no 15G/H was not submitted?

Further if income is already below taxable limit then question arises wther the family wants to claim refund of  tds or not?

if not then no need to file return as it is below basic slab rate.

they had income below taxable limit without including part of house property income and now thier income is above taxable limit...

In that case those in whose name tds has been deducted and who ever rec the income will have to file ITR for the year of reciept of such income if it exceeds the exemption limit wther including such income from hp or not.


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