MR A HAS SOLD HIS PROPERTY FOR 1 CRORE ON 31 DEC 2022 THE PROPERTY WAS PURCHASED BY HIM 15 APRIL 2015 OF RS 60 LAKHS. AFTER SELLING A PROPERTY MR A GOT EXPIRED ON 25 FEB 2023 DUE TO ACCIDENT.
SON OF MR A i.e MR C PURCHASE A PROPERTY OF RS 30 LAKHS IN HIS OWN NAME FROM A FUND RECEIVED FROM HIS FATHER AS A GIFT DEED AFTER SELLING A HOUSE. NOW QUESTION ARE
1) WHAT WOULD BE TAX LIABILITY IF MR A AS HE IS NO MORE?
2) CAN MR C SON OF MR A CAN CALIM DEDUCTION OF CAPITAL GAIN OF HIS OWN RESIDENTIAL PROPERTY IN PLACE OF HIS FATHER MR A AS HE IS NO MORE?
NEED SOLUTION URGENTLY
The Son has to register as a legal heir on the income tax website and then has to file the return on behalf of his father up to the death of his father.
If Mr. A has gifted the amount to his son before his death, then the capital gain exemption cannot be taken.
In case of any further queries, kindly mail me at casoravgupta @ gmail.com
Thanks & Regards
CA. Sorav Gupta
(Practicing Chartered Accountant)
CAclubindia
