Recently we(family) sold a property (October 2014), which qualitifies under Long Terms Capital Gain Tax, we(4) people already invested certain portion of the funds in Capital Gain Tax Bonds to avoid paying tax, my mother was suppose to park her share in the same capital gain tax bonds of Rs. 50 Lakhs as per total share was Rs. 70 Lakhs, unfortunately she died last week(08.12.14) before doing any tax planning. I am the only legal heir to her properties and all wealth, my question is can i park funds in capital gain tax bonds on her behalf and save on tax ?, if she has done a contract to purchase land prior to death, but yet not paid any amount if i execute that contract on her behalf can i claim the investement against capital gain exemption ?, or do i have to pay tax @ 20% on total amount of Capital Gain ?
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Capital gain tax planning of deceased person
Replies (2)
Not clear about sharing, what do you want to say about share in house.
Please clear that house was purchased by whom?
However it you are legal heir then you can allthing whichever should be done by your mother. No problem there. But I think for this year the income will be computed in your mother hand.
Do you mean its the case of joint-ownership with each owners share determined?
If,then each co-owner can avail exemption
If by family you mean Hindu Undivided family, then exemption will be available to HUF only
As mentioned by Sir Arif Ali, Legal heir can do all such acts which the assessee could do.
Return will also be filed by you.
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